By William Gullotti and Cristal Cody
Buffalo, N.Y., April 18 – Cargill Inc. priced $1.1 billion of senior notes (A2/A/A) in two tranches on Monday, according to information provided by a market source.
A $600 million offering of 4.5% notes due June 24, 2026 priced at Treasuries plus 65 basis points.
Initial price talk was in the Treasuries plus 95 bps area.
Cargill also sold $500 million of 4.75% 10-year notes at a spread of 120 bps over Treasuries.
The notes were talked to price in the Treasuries plus 150 bps area.
BofA Securities Inc., BNP Paribas Securities Corp., Barclays and Goldman Sachs & Co. LLC were the bookrunners.
Cargill is a Minneapolis-based food and agriculture company.
| Issuer: | Cargill Inc.
|
| Amount: | $1.1 billion
|
| Issue: | Senior notes
|
| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., Barclays and Goldman Sachs & Co. LLC
|
| Trade date: | April 17
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
|
|
| Three-year notes
|
| Amount: | $600 million
|
| Maturity: | June 24, 2026
|
| Coupon: | 4.5%
|
| Spread: | Treasuries plus 65 bps
|
| Price guidance: | Treasuries plus 95 bps area
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | April 24, 2033
|
| Coupon: | 4.75%
|
| Spread: | Treasuries plus 120 bps
|
| Price guidance: | Treasuries plus 150 bps area
|
|
|
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