Kraft Foods gets needed consents to amend Cadbury Schweppes notes

By Marisa Wong

Madison, Wis., Oct. 1 - Kraft Foods Inc. said that it received the necessary consents to amend wholly owned subsidiary Cadbury Schweppes US Finance LLC's 5.125% guaranteed senior notes due 2013.

The consent solicitation began on Sept. 20 and expired at 5 p.m. ET on Oct. 1.

The proposed amendments to the 5.125% notes would replace certain covenants in the indenture with similar covenants contained in the indenture governing the outstanding public notes of Kraft.

As of the expiration of the consent solicitation, Kraft received consents from holders of more than a majority of the notes.

As of Sept. 20, there was $1 billion principal amount of notes outstanding.

In connection with the consent solicitation, Kraft is offering to issue an unconditional and irrevocable guarantee for the notes.

The closing of the transactions, including issuance of the guarantee and payment of the consent fee, is expected to occur on Oct. 6.

Global Bondholder Services Corp. (866 795-2200 or 212 430-3774) is the information agent for the consent solicitation.

The confection, food and beverage company is based in Northfield, Ill.

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