New Issue: McCormick sells $500 million 2.5% 10-year notes at Treasuries plus 180 bps spread

By Cristal Cody

Tupelo, Miss., April 13 – McCormick & Co., Inc. priced $500 million of 2.5% 10-year senior notes (Baa2/BBB) on Monday at 99.658 to yield 2.539% and a spread of Treasuries plus 180 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes were talked to price in the Treasuries plus 225 bps area.

BofA Securities, Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp. and U.S. Bancorp Investments, Inc. were the bookrunners.

Proceeds will be used for general corporate purposes.

McCormick is a spice company based in Sparks, Md.

Issuer:	McCormick & Co., Inc.
Amount:	$500 million
Maturity:	April 15, 2030
Description:	Senior notes
Bookrunners:	BofA Securities, Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp. and U.S. Bancorp Investments, Inc.
Co-managers:	Citigroup Global Markets Inc., Citizens Capital Markets, Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC, M&T Securities, Inc. and Mizuho Securities USA LLC
Coupon:	2.5%
Price:	99.658
Yield:	2.539%
Spread:	Treasuries plus 180 bps
Call features:	Make-whole call before Jan. 15, 2030 at price equal to greater of par and Treasuries plus 30 bps; thereafter at par
Trade date:	April 13
Settlement date:	April 16
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered
Price guidance:	Treasuries plus 225 bps area

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