ConAgra Foods, the US food giant, is to sell US$750m of senior notes in a public offering, the company said today (6 April).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The owner of brands including Healthy Choice and Banquet said it would use the net proceeds from the offering to buy up to $600m of three series of its outstanding senior notes in cash tender offers.
The offers come in two separate blocks. The first, which ConAgra called the “any and all offer” is to buy any and all of ConAgra’s 6.700% senior notes due 2027, which are puttable on 1 August this year.
The offer will expire on 17 April and ConAgra said the consideration for each $1,000 of notes tendered will stand at $1,018.75.
The second tranche, dubbed the “maximum tender offer”, could see ConAgra buy its 7.875% senior notes due 2010 and its 6.750% senior notes due 2011.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe offer will expire on 1 May and the consideration for each $1,000 of the 2010 and 2011 notes will reach $1,067.50, ConAgra said.
The group said it would also use the funds to repay other debt and contribute to its pension plan.
