Published on 9/30/2020 in the Prospect News Investment Grade Daily.
New Issue: Mondelez International prices $1.25 billion of new, reopened notes in two tranches
By Cristal Cody
Tupelo, Miss., Sept. 30 – Mondelez International, Inc. priced $1.25 billion of notes (Baa1/BBB) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $625 million of 1.875% notes due Oct. 15, 2032 at 99.765 to yield 1.897%, or a spread of Treasuries plus 122 basis points.
Mondelez priced a $625 million add-on to its 2.625% notes due Sept. 4, 2050 at 96.353 to yield 2.806%. The notes priced with a 135 bps over Treasuries spread.
The company first sold $500 million of notes on Sept. 2 at 99.444 to yield 2.652%, or a spread of 127 bps over Treasuries. The total outstanding is now $1,125,000,000.
Barclays, BofA Securities, Inc., Credit Suisse Securities (USA) LLC and Mizuho Securities USA LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
Mondelez is a snack company with global headquarters in Deerfield, Ill.
| Issuer: | Mondelez International, Inc.
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| Amount: | $1.25 billion
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| Description: | Notes
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| Bookrunners: | Barclays, BofA Securities, Inc., Credit Suisse Securities (USA) LLC and Mizuho Securities USA LLC
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| Senior co-managers: | BBVA Securities Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Westpac Capital Markets LLC
|
| Co-managers: | Academy Securities, Inc. and Loop Capital Markets LLC
|
| Trade date: | Sept. 30
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| Settlement date: | Oct. 15
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Distribution: | SEC registered
|
|
|
| Notes due 2032
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| Amount: | $625 million
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| Maturity: | Oct. 15, 2032
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| Coupon: | 1.875%
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| Price: | 99.765
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| Yield: | 1.897%
|
| Spread: | Treasuries plus 122 bps
|
| Call features: | Make-whole call before July 15, 2032 at greater of par and Treasuries plus 20 bps; thereafter at par
|
|
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| Notes due 2050
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| Amount: | $625 million reopening
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| Maturity: | Sept. 4, 2050
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| Coupon: | 2.625%
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| Price: | 96.353
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| Yield: | 2.806%
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| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call before March 4, 2050 at greater of par and Treasuries plus 20 bps; thereafter at par
|
| Total outstanding: | $1,125,000,000, including $500 million of notes priced Sept. 2 at 99.444 to yield 2.652%, or a spread of 127 bps over Treasuries
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