US food group General Mills has announced an agreement to sell US$1.0bn of convertible senior notes due in 2037.
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The company, which includes brands such as Cheerios, Betty Crocker cake mix and Hamburger Helper in its portfolio, said the convertible notes will bear interest at a floating rate equal to one-month LIBOR minus 0.07%, subject to monthly reset and payable quarterly in arrears.
The notes have an initial conversion rate of ten shares of General Mills’ common stock per $1,000 principal amount of the convertible notes, resulting in an initial conversion price of $100 per share.
General Mills said it plans to use the net proceeds from the offering to repay a portion of its outstanding US commercial paper.
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By GlobalData
