Kellogg announces it will conduct offering of senior notes due 2023

By Devika Patel

Knoxville, Tenn., Nov. 7 – Kellogg Co. plans to price senior notes (/BBB/BBB) due 2023, according to a 424B3 filed with the Securities and Exchange Commission on Monday. According to a press release from Fitch Ratings, the offering is expected to feature $600 million of notes.

The notes have a make-whole call.

BofA Merrill Lynch, HSBC Securities (USA) Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.

Proceeds will be used to repay the company’s 1.875% 2016 notes when they mature on Nov. 17, 2016 and to repay commercial paper borrowings.

The issuer is a maker of cereal and convenience foods based in Battle Creek, Mich.

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