Conagra Brands plans fixed-rate notes, floaters in eight tranches

By Devika Patel

Knoxville, Tenn., Oct. 15 – Conagra Brands, Inc. intends to offer notes (Baa3) in eight parts, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be sold in six fixed-rate tranches and two floating-rate tranches, with one of the floating-rate tranches due in 2020, one of the fixed-rate and one of the floating-rate tranches due in 2021 and fixed-rate tranches due in 2024, 2025, 2028, 2038 and 2048.

The 2021 fixed-rate notes are redeemable at the greater of a make-whole call and a par call. The 2024, 2025, 2028, 2038 and 2048 fixed-rate notes feature a make-whole call and then a par call.

The floaters will be non-callable.

Goldman Sachs & Co. LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC and Mizuho Securities USA LLC are the bookrunners.

Proceeds will be used, along with the proceeds from a common stock sale, to fund the company’s planned merger with Pinnacle Foods Inc. and to repay borrowings under the company’s term loan facility and its commercial paper program.

The packaged food company is based in Chicago.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.