Campbell Soup ups tender offer to $1.2 billion, gives early results

Chicago, Jan. 23 – Campbell Soup Co. announced that it has increased the size of its tender offer to $1.2 billion from $1 billion and gave early results of the offer, according to company press releases.

The series caps on the 2021 notes and the 2023 notes were also lifted.

The cap for the 2021 notes was increased to $328,644,000 from $300 million and the cap for the 2023 notes was raised to $633,846,000 from $400 million.

As of the early tender deadline, the following amounts have been accepted for purchase:

• $328,644,000 of the $650 million 3.3% senior notes (Cusip: 134429BD0) due 2021, with pricing set using the 2.375% Treasury due March 15, 2021 plus 25 basis points for a total consideration of $1,016.64, with a 100% proration factor including the increased series cap;

• $237,312,000 of the $400 million 3.8% senior notes (Cusip: 134429AZ2) due 2042, with pricing set using the 2.25% Treasury due Aug. 15, 2049 plus 130 bps for a total consideration of $1,049.83, with a 100% proration factor;

• $633,846,000 of the $889,457,000 tendered of the $1.2 billion 3.65% senior notes (Cusip: 134429BE8) due 2023, with pricing set using the 1.625% Treasury due Dec. 15, 2022 plus 40 bps for a total consideration of $1,051.99, with a 71.4% proration factor inclusive of the increased series cap;

• None of the $600,728,000 tendered of the $850 million 3.95% senior notes (Cusip: 134429BF5) due 2025, with pricing set using the 1.75% Treasury due Dec. 31, 2024 plus 65 bps for a total consideration of $1,082.68;

• None of the $136,810,000 tendered of the $300 million 3.3% senior notes (Cusip: 134429BA6) due 2025, with pricing set using the 1.75% Treasury due Dec. 31, 2024 plus 80 bps for a total consideration of $1,044.37; and

• None of the $500,127,000 tendered of the $1 billion 4.15% senior notes (Cusip: 134429BG3) due 2028, with pricing set using the 1.75% Treasury due Nov. 15, 2029 plus 95 bps for a total consideration of $1,104.16.

Although the offers are scheduled to expire at 11:59 p.m. ET on Feb. 5, the maximum tender amount has been reached and no further securities are expected to be accepted for purchase.

Securities not accepted for purchase will be promptly returned to the holder’s account.

Holders whose notes have been tendered on or prior to the early tender date and accepted for purchase will receive the applicable total consideration, which includes an early tender premium of $30.00 per $1,000 principal amount.

Holders will also receive accrued interest.

Pricing was determined at 10 a.m. ET on Jan. 23.

Early settlement is expected for Jan. 24.

The lead dealer managers are BofA Securities (980 387-3907 collect or 888 292-0700) and Citigroup (212 723-6106 collect or 800 558-3745).

Global Bondholder Services Corp. is the tender agent and information agent (212 430-3774 for banks and brokers, 866 470-3800 for all other calls toll-free or contact@gbsc-usa.com).

Campbell Soup is a convenience foods company based in Camden, N.J.

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