By Andrea Heisinger
New York, Nov. 14 - Kellogg Co. sold $500 million of 1.875% five-year senior notes on Monday to yield Treasuries plus 100 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/BBB+) were sold at 99.896 to yield 1.897%.
The securities have a make-whole call at Treasuries plus 15 bps and feature a change-of-control put at 101%.
Active bookrunners were Barclays Capital Inc. and J.P. Morgan Securities LLC. Deutsche Bank Securities Inc. and Rabo Securities USA Inc. were passive bookrunners.
Co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fifth Third Securities Inc., HSBC Securities (USA) Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Powell Capital Markets Inc.
Proceeds will be used for general corporate purposes, including commercial paper repayment.
The food and cereal company is based in Battle Creek, Mich.
| Issuer: | Kellogg Co.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 17, 2016
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities LLC (active), Deutsche Bank Securities Inc., Rabo Securities USA Inc. (passive)
|
| Co-managers: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Fifth Third Securities Inc., HSBC Securities (USA) Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, Powell Capital Markets Inc.
|
| Coupon: | 1.875%
|
| Price: | 99.896
|
| Yield: | 1.897%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 17
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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