By Andrea Heisinger
New York, May 16 - Kellogg Co. sold $400 million of 3.25% seven-year senior notes on Monday at a spread of 80 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/A-) were sold at 99.751 to yield 3.29%.
The notes have a make-whole call at 15 bps over Treasuries and feature a change-of-control put at 101%.
Bookrunners were Morgan Stanley & Co., Inc. and Wells Fargo Securities LLC.
Co-managers were BNP Paribas Securities Corp., Rabo Securities USA, Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments, Inc. and Williams Capital Group, LP.
Proceeds are being used for general corporate purposes, including commercial paper repayment.
The maker of cereal and convenience foods is based in Battle Creek, Mich.
| Issuer: | Kellogg Co.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | May 21, 2018
|
| Bookrunners: | Morgan Stanley & Co., Inc., Wells Fargo Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., Rabo Securities USA, Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments, Inc., Williams Capital Group, LP
|
| Coupon: | 3.25%
|
| Price: | 99.751
|
| Yield: | 3.29%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 16
|
| Settlement date: | May 19
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
