Kraft Heinz Foods to price $1.5 billion two-part offering of split-rated notes on Monday

By Paul A. Harris

Portland, Ore., May 4 – Kraft Heinz Foods Co. plans to price $1.5 billion of split-rated notes (Baa3/BB+) in two bullet tranches on Monday, according to market sources.

The deal is coming in tranches of seven-year notes with initial talk in the 4¼% area and 10.75-year notes with initial talk in the 4½% area, a trader said.

J.P. Morgan Securities LLC is leading the offering.

The food and beverage company, which has corporate headquarters in Chicago and in Pittsburgh, plans to use the proceeds to fund a $1.2 billion tender offer for its floating-rate senior notes due February 2021, its 3½% senior notes due June 2022, its 3½% senior notes due July 2022, its floating-rate senior notes due August 2022 and its 4% senior notes due June 2023. The remaining proceeds will be used to fund the redemption in full of its $300 million of 3 3/8% senior notes due June 2021.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.