By Cristal Cody
Tupelo, Miss., April 20 – Cargill Inc. priced $1.5 billion of senior notes (A2/A/A) in two tranches on Monday, according to a market source.
A $750 million offering of 1.375% notes due July 23, 2023 priced at a Treasuries plus 115 basis points spread.
Initial price talk was in the Treasuries plus 160 bps area.
Cargill sold $750 million of 2.125% 10-year notes at a spread of 150 bps over Treasuries.
The notes were talked to price in the Treasuries plus 195 bps area.
BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
Cargill is a Minneapolis-based food and agriculture company.
| Issuer: | Cargill Inc.
|
| Amount: | $1.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
|
| Trade date: | April 20
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | July 23, 2023
|
| Coupon: | 1.375%
|
| Spread: | Treasuries plus 115 bps
|
| Price guidance: | Treasuries plus 160 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | April 23, 2030
|
| Coupon: | 2.125%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 195 bps area
|
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