S&P rates Kellogg notes BBB

S&P said it assigned its BBB senior unsecured debt rating to Kellogg Co.'s proposed $1 billion senior notes to be issued in three-year and 10-year tranches.

All of the existing ratings on the company are unchanged.

Kellogg intends to use the proceeds to refinance its upcoming $400 million 3.25% bonds due May 2018, fund about $400 million of the cost to exercise its Nigeria joint venture option and for general corporate purposes.

The notes are unsecured obligations that rank at par with the company's other unsecured notes but are subordinated to liabilities of the company's subsidiaries, the agency said.

© 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.