By Cristal Cody
Tupelo, Miss., April 20 – Campbell Soup Co. priced $1 billion of notes (Baa2/BBB) in two tranches on Monday, according to a market source.
The company sold $500 million of 2.375% 10-year notes at a spread of Treasuries plus 175 basis points.
Initial talk was in the Treasuries plus 210 bps area with guidance tightened to the 180 bps spread area, plus or minus 5 bps.
A $500 million tranche of 3.125% 30-year notes was sold at a spread of 190 bps over Treasuries.
The 30-year notes were talked at the 215 bps spread area and guided to print at the Treasuries plus 195 bps area, plus or minus 5 bps.
Barclays, BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay debt under the company’s revolving credit facility, to repay commercial paper and for general corporate purposes.
Campbell Soup is a convenience foods company based in Camden, N.J.
| Issuer: | Campbell Soup Co.
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC
|
| Trade date: | April 20
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | April 24, 2030
|
| Coupon: | 2.375%
|
| Spread: | Treasuries plus 175 bps
|
| Price guidance: | Treasuries plus 180 bps area, plus or minus 5 bps; initial talk at Treasuries plus 210 bps area
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | April 24, 2050
|
| Coupon: | 3.125%
|
| Spread: | Treasuries plus 190 bps
|
| Price guidance: | Treasuries plus 195 bps area, plus or minus 5 bps; initial talk at Treasuries plus 215 bps area
|
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