Hormel Foods to price notes due 2024, 2028 and 2051; talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., May 25 – Hormel Foods Corp. plans to sell notes in three tranches due 2024, 2028 and 2051, according to a 424B5 filed with the Securities and Exchange Commission.

The offering includes notes due June 3, 2024 talked in the Treasuries plus 55 basis points area, notes due June 3, 2028 talked in the Treasuries plus 75 bps area and notes due June 3, 2051 talked in the Treasuries plus 105 bps area, according to a market source.

The notes feature a make-whole call and then a par call.

BofA Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used with cash on hand and borrowings under the company’s revolver for Hormel’s planned acquisition of the Planters snack nut portfolio from the Kraft Heinz Co. for $3.35 billion.

Hormel is an Austin, Minn.-based manufacturer and marketer of meat and food products.

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