Heinz has announced plans to offer US$250m of notes, due in 2039, through a private placement.
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If the offering is successfully placed, then “shortly after” the company and Heinz Finance intend to exchange additional notes due and cash, for any and all of their outstanding $800m 15.590% Dealer Remarketable SecuritiesSM due 1 December, 2020.
Heinz intends to use the net proceeds of the proposed offering for payment of the cash component of the anticipated exchange offer, various expenses relating to the anticipated exchange offer and for general corporate purposes.
