New Issue: Kellogg prices $600 million 3.4% 10-year senior notes at 112.5 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Nov. 7 – Kellogg Co. sold $600 million of 3.4% 10-year senior notes on Tuesday at a spread of 112.5 basis points over Treasuries, according an FWP filing with the Securities and Exchange Commission.

The notes (Baa2/BBB/BBB) priced at 99.731 to yield 3.432%.

Barclays, Deutsche Bank Securities Inc. and BofA Merrill Lynch were the bookrunners.

Proceeds will be used for general corporate purposes.

The Battle Creek, Mich.-based company manufactures cereal and convenience foods.

Issuer:	Kellogg Co.
Amount:	$600 million
Description:	Senior notes
Maturity:	Nov. 15, 2027
Bookrunners:	Barclays, Deutsche Bank Securities Inc. and BofA Merrill Lynch
Co-managers:	ING Financial Markets LLC, Loop Capital Markets LLC, Mizuho Securities USA LLC and Williams Capital Group, LP
Coupon:	3.4%
Price:	99.731
Yield:	3.432%
Spread:	Treasuries plus 112.5 bps
Call features:	Make-whole call at Treasuries plus 20 bps before Aug. 15, 2027; thereafter at par
Trade date:	Nov. 7
Settlement date:	Nov. 13
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered

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