Land O'Lakes $300 mln 10-year notes to price Nov. 8

By Paul A. Harris

St. Louis, Mo., Nov. 6 - Price talk of 8¾%-9% emerged Tuesday for Land O'Lakes $300 million offering of senior notes due 2011 (Ba3), according to a market source.

The deal is set to price Wednesday, the source said.

J.P. Morgan is the bookrunner, according to market sources. Co-managers are SPP Capital Partners, LLC, SunTrust Equitable Securities, Bank of Tokyo Mitsubishi, and US Bancorp Piper Jaffray.

The Rule 144A notes are non-callable for five years, a source said.

Proceeds will be used to pay debt incurred in the company's acquisition of Purina Mills, the source added.

Land O'Lakes is headquartered in Arden Hills, Minn.

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