New Issue: General Mills prices $750 million 3.2% 10-year notes at 87.5 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., Jan. 9 – General Mills, Inc. sold $750 million of 3.2% 10-year notes (A3/BBB+/BBB+) at 99.58 to yield 3.249% on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced with a spread of 87.5 basis points over Treasuries.

Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. were the bookrunners.

Proceeds will be used to repay a portion of the company’s 5.7% notes due Feb. 15, 2017.

The maker of consumer food products is based in Minneapolis.

Issuer:	General Mills, Inc.
Amount:	$750 million
Description:	Notes
Maturity:	Feb. 10, 2027
Bookrunners:	Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
Senior co-managers:	BNP Paribas Securities Corp., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC
Co-managers:	HSBC Securities (USA) Inc., MUFG, Santander Investment Securities Inc., SG Americas Securities, LLC
Coupon:	3.2%
Price:	99.58
Yield:	3.249%
Spread:	Treasuries plus 87.5 bps
Call features:	Make-whole call before Nov. 10, 2026 at Treasuries plus 15 bps; on or after Nov. 10, 2026 at par
Change-of-control put:	101%
Trade date:	Jan. 9
Settlement date:	Jan. 17
Ratings:	Moody’s: A3
	S&P: BBB+
	Fitch: BBB+
Distribution:	SEC registered

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