By Andrea Heisinger
New York, May 18 - Kellogg Co. priced $750 million 4.45% seven-year senior notes Monday to yield Treasuries plus 180 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/A-) priced at 99.736 to yield 4.494%. They have a make-whole call at Treasuries plus 30 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were J.P. Morgan Securities Inc., Deutsche Bank Securities Inc. and HSBC Securities.
Co-managers were BNP Paribas Securities Corp., Mitsubishi UFJ Securities, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments, Ramirez & Co. and Williams Capital Group LP.
Proceeds will be used to repay a portion of the company's commercial paper.
The convenience food company is based in Battle Creek, Mich.
| Issuer: | Kellogg Co.
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Maturity: | May 30, 2016
|
| Bookrunners: | J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., HSBC Securities
|
| Co-managers: | BNP Paribas Securities Corp., Mitsubishi UFJ Securities, Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments, Ramirez & Co., Williams Capital Group LP
|
| Coupon: | 4.45%
|
| Price: | 99.736
|
| Yield: | 4.494%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 18
|
| Settlement date: | May 21
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
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