Land O'Lakes talks $250 million 10-year bullets with 6% area yield

By Paul A. Harris

Portland, Ore., Nov. 6 - Land O'Lakes, Inc. talked its $250 million split-rated offering of non-callable 10-year senior notes (Ba2/BBB-/) with a yield in the 6% area on Tuesday, according to a syndicate source.

The books close at noon ET on Wednesday, and the deal is set to price thereafter.

Bank of America Merrill Lynch is the bookrunner for the Rule 144A for life deal.

Mitsubishi UFJ Securities International plc, Rabobank, US Bancorp and Wells Fargo Securities LLC are the co-managers.

The notes feature a make-whole call provision at Treasuries plus 50 basis points and a 101% poison put.

The Arden Hills, Minn.-based branded food and agriculture supply cooperative plans to use the proceeds to pay down its revolving credit facility.

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