Kraft Heinz gives early results for tenders for four series of notes

Chicago, Sept. 24 – Kraft Heinz Co. subsidiary Kraft Heinz Foods Co. announced early results of its offer to purchase for cash up to $1 billion of four series of notes, according to a press release.

Notes covered by the capped tender offer include the following, listed in order of acceptance priority level and with the principal amount tendered as of the early tender deadline:

• $880,616,000 of $2 billion 3.5% senior notes due June 2022, with pricing to be set using the 1.5% Treasury due Aug. 15, 2022 plus a fixed spread of 90 basis points;

• $554,139,000 of $1 billion 3.5% senior notes due July 2022, with pricing to be set using the 1.5% Treasury due Aug. 15, 2022 plus a fixed spread of 90 bps;

• $761,869,000 of $1.6 billion 4% senior notes due 2023, with pricing to be set using the 1.25% Treasury due Aug. 31, 2024 plus a fixed spread of 115 bps; and

• $706,700,000 of $1.2 billion 4.875% second-lien senior secured notes due 2025, with pricing to be set using the 1.375% Treasury due Feb. 15, 2020 plus a fixed spread of 75 bps.

Holders who tendered their notes by the early tender deadline of 5 p.m. ET on Sept. 24 are eligible to receive the early tender premium, which is $30 per $1,000 of notes for each series.

The tender offer is subject to the issuer receiving $1.5 billion of proceeds from a private offering.

The tender offer will expire at 11:59 p.m. ET on Oct. 8.

Pricing will be set at 10 a.m. ET on Sept. 25.

Early settlement is expected for Sept. 26. Final settlement is expected for Oct. 9. Notes not accepted for purchase will be promptly returned or credited to the holder’s account.

Global Bondholders Services Corp. is the tender agent and information agent (866 794-2200 toll free or 212 430-3774 for banks and brokers).

The dealer managers are BofA Merrill Lynch (980 387-3907 toll free or 888 292-0070 collect), Citigroup (800 558-3745 toll free or 212 723-6106 collect), Goldman Sachs & Co. LLC (800 828-3182 toll free or 212 357-0215 collect) and J.P. Morgan at (866 834-4666 toll free or 212 834-8553 collect).

Kraft Heinz is a Chicago-based food company.

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