Hormel Foods to price notes due 2027 via four bookrunners

By Mary-Katherine Stinson

Lexington, Ky., March 5 – Hormel Foods Corp. plans to sell notes due 2027, according to a 424B5 filed with the Securities and Exchange Commission.

The notes feature a make-whole call and then a par call one month before maturity, along with a change-of-control put at 101.

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

U.S. Bank Trust Co., NA is the trustee.

Faegre Drinker Biddle & Reath LLP is legal counsel for Hormel. Davis Polk & Wardwell LLP will advise the underwriters.

Proceeds will be used with cash on hand to repay the $950 million principal amount outstanding of the company’s 0.65% senior notes due June 3, 2024. Any remaining proceeds may be used for other general corporate purposes.

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

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