Mondelez prices tender offer for seven notes, gives early results

By Marisa Wong

Morgantown, W.Va., April 16 – Mondelez International, Inc. announced the early results and pricing for its tender offer to purchase up to $1 billion principal amount of seven series of notes.

The company said it has accepted for purchase all $570,016,000 of notes tendered by 5 p.m. ET on April 13, the early tender date.

The amounts tendered as of the early tender date are as follows, with the notes listed in order of priority acceptance levels and with pricing set at 11 a.m. ET on April 16 using a reference security plus a fixed spread:

• $241,001,000, or 48.05%, of the $501,541,000 of 6.5% notes due 2040, with pricing set using the 2.75% U.S. Treasury due Nov. 15, 2047 plus 135 basis points for a total purchase price of $1,292.48 per $1,000 principal amount;

• $75,829,000, or 21.64%, of the $350,409,000 of 6.5% notes due 2031 with pricing set using the 2.75% U.S. Treasury due Feb. 15, 2028 plus 115 bps for a total purchase price of $1,259.74 per $1,000 principal amount;

• $72.07 million, or 28.22%, of the $255,387,000 of 6.875% notes due 2038 with pricing set using the 2.75% U.S. Treasury due Nov. 15, 2047 plus 130 bps for a total purchase price of $1,332.67 per $1,000 principal amount;

• $29,262,000, or 14.99%, of the $195,193,000 of 6.875% notes due 2039 with pricing set using the 2.75% U.S. Treasury due Nov. 15, 2047 plus 130 bps for a total purchase price of $1,342.96 per $1,000 principal amount;

• $11,684,000, or 8.37%, of the $139,631,000 of 7% notes due 2037 with pricing set using the 2.75% U.S. Treasury due Nov. 15, 2047 plus 125 bps for a total purchase price of $1,351.77 per $1,000 principal amount;

• $97,592,000, or 18.61%, of the $524,402,000 of 5.375% notes due 2020 with pricing set using the 2.25% U.S. Treasury due March 31, 2020 plus 25 bps for a total purchase price of $1,048.16 per $1,000 principal amount; and

• $42,578,000, or 13.2%, of the $322,602,000 of 6.125% notes due 2018 with pricing set using the 1% U.S. Treasury due Aug. 15, 2018 plus 20 bps for a total purchase price of $1,014.09 per $1,000 principal amount.

The total purchase price includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early deadline.

The tender offer began on April 2 and will remain open until 11:59 p.m. ET on April 27.

Along with the tender offer, Mondelez is soliciting consents to amend the notes.

Holders may not consent to the proposed amendments without tendering their notes or vice versa.

The company said it has not received consents from holders of more than 50% of the outstanding principal amount of any series of notes as of the early tender date.

The tender offer and consent solicitation contain a financing condition.

Barclays (212 528-7581, 800 438-3242 or us.lm@barclays.com) and Citigroup Global Markets Inc. (212 723-6106, 800 558-3745 or ny.liabilitymanagement@citi.com) are the dealer managers. Global Bondholder Services Corp. (212 430-3774 or 866 470-3800) is the information agent and depositary.

Mondelez, formerly Kraft Foods Inc., is a snack company based in Deerfield, Ill.

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