New Issue: Lamb Weston prices upsized $500 million eight-year bullet at par to yield 4 7/8%

By Paul A. Harris

Portland, Ore., May 7 – Lamb Weston Holdings, Inc. priced a $500 million issue of eight-year senior bullet notes (Ba2/BB+) at par to yield 4 7/8% in a Thursday drive-by, according to market sources.

Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC, Rabobank and Wells Fargo Securities LLC.

The issue size increased from $400 million.

The yield printed on top of final yield talk and tight to earlier talk in the 5% area. Initial price talk had the deal coming to yield in the mid-5% area.

The Eagle, Idaho-based food processing company plans to use the proceeds for working capital and other general corporate purposes.

Issuer:	Lamb Weston Holdings, Inc.
Amount:	$500 million, increased from $400 million
Maturity:	May 15, 2028
Securities:	Senior notes
Left bookrunner:	Goldman Sachs & Co. LLC
Joint bookrunners:	BofA Securities Inc., J.P. Morgan Securities LLC, Rabobank and Wells Fargo Securities LLC
Co-managers:	ING Financial Markets LLC, Mizuho Securities USA Inc. and U.S. Bancorp Investments Inc.
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	433 bps
Call protection:	Par call six months prior to maturity, otherwise non-callable
Trade date:	May 7
Settlement date:	May 12
Ratings:	Moody's: Ba2
	S&P: BB+
Distribution:	Rule 144A and Regulation S for life
Price talk:	4 7/8%, revised from 5% area
Marketing:	Drive-by

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