Land O'Lakes to sell $250 million 10-year notes during Nov. 5 week

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Nov. 5 - Land O'Lakes Inc. is planning to sell a $250 million offering of senior notes due 2022 (expected ratings Ba2/BBB-) in the middle of the Nov. 5 week, a market source said.

An investor call was scheduled for 12:30 p.m. ET on Monday.

Bank of America Merrill Lynch is the bookrunner.

Mitsubishi UFJ Securities International plc, Rabobank, US Bancorp and Wells Fargo Securities LLC are the co-managers for the Rule 144A for life deal.

The notes will be non-callable and carry a make-whole call at Treasuries plus 50 bps and a 101% poison put.

Proceeds will be used to pay down the company's revolving credit facility.

Land O'Lakes is an Arden Hills, Minn.-based branded food and agriculture supply cooperative.

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