By Cristal Cody
Tupelo, Miss., July 13 – Mars Inc. priced a $2.5 billion Rule 144A and Regulation S four-part offering of guaranteed senior notes (A1/A) on Monday, according to a market source and a news release.
A $500 million tranche of 0.875% notes due July 16, 2026 priced at a spread of 60 basis points over Treasuries.
Initial price talk was in the Treasuries plus 95 bps area.
A $700 million offering of 1.625% 12-year notes priced with a Treasuries plus 100 bps spread.
The notes were talked at the 130 bps spread area.
The company sold $900 million of 2.375% 20-year notes at a spread of 105 bps over Treasuries.
The 20-year notes were initially talked in the 130 bps area.
Mars priced $400 million of 2.45% 30-year notes with a Treasuries plus 115 bps spread.
Initial price guidance was at the 140 bps over Treasuries area.
BofA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
The notes will be guaranteed by Wm. Wrigley Jr. Co. and New Uno Holdings Corp.
Proceeds will be used for general corporate purposes, including repaying debt under the company’s multicurrency revolving credit facility and its term loans.
Mars is a McLean, Va.-based global privately-held manufacturer of confectionary products, pet food and animal care services.
| Issuer: | Mars Inc.
|
| Guarantors: | Wm. Wrigley Jr. Co. and New Uno Holdings Corp.
|
| Amount: | $2.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Trade date: | July 13
|
| Settlement date: | July 16
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Six-year notes
|
| Amount: | $500 million
|
| Maturity: | July 16, 2026
|
| Coupon: | 0.875%
|
| Spread: | Treasuries plus 60 bps
|
| Price guidance: | Treasuries plus 95 bps area
|
|
|
| 12-year notes
|
| Amount: | $700 million
|
| Maturity: | July 16, 2032
|
| Coupon: | 1.625%
|
| Spread: | Treasuries plus 100 bps
|
| Price guidance: | Treasuries plus 130 bps area
|
|
|
| 20-year notes
|
| Amount: | $900 million
|
| Maturity: | July 16, 2040
|
| Coupon: | 2.375%
|
| Spread: | Treasuries plus 105 bps
|
| Price guidance: | Treasuries plus 130 bps area
|
|
|
| 30-year notes
|
| Amount: | $400 million
|
| Maturity: | July 16, 2050
|
| Coupon: | 2.45%
|
| Spread: | Treasuries plus 115 bps
|
| Price guidance: | Treasuries plus 140 bps area
|
|
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