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Starbucks offers new sustainability notes, plans add-on to 2.1% five-year senior notes
By Cristal Cody
Eureka Springs, Ark., May 11 – Starbucks Corp. intends to price an offering of new sustainability notes and a reopening of its 2.1% five-year notes, according to a 424B5 filing with the Securities and Exchange Commission on Wednesday.
The company originally sold the 2.1% notes due Feb. 4, 2021 on Feb. 1 in a $500 million tranche at 99.943 to yield 2.112%, or 75 basis points over Treasuries.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the bookrunners for both offerings.
Proceeds from the add-on will be used for general corporate purposes.
Proceeds from the new notes will be used for eligible sustainability projects, including in coffee purchases, development and operation of farmer support centers and new and refinanced loans through Starbucks’ $50 million global farmer fund.
Starbucks is a Seattle-based coffee retailer.
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