Campbell Soup tenders for up to $1 billion of six series of notes

By Sarah Lizee

Olympia, Wash., Jan. 8 – Campbell Soup Co. announced offers to purchase for cash up to $1 billion of its senior notes.

The following are included in the offer, listed in order of acceptance priority level:

• Up to $300 million of the $650 million 3.3% senior notes (Cusip: 134429BD0) due 2021, with pricing to be set using the 2.375% Treasury due March 15, 2021 plus 25 basis points;

• $400 million 3.8% senior notes (Cusip: 134429AZ2) due 2042, with pricing to be set using the 2.25% Treasury due Aug. 15, 2049 plus 130 bps;

• Up to $400 million of the $1.2 billion 3.65% senior notes (Cusip: 134429BE8) due 2023, with pricing to be set using the 1.625% Treasury due Dec. 15, 2022 plus 40 bps;

• Up to $300 million of the $850 million 3.95% senior notes (Cusip: 134429BF5) due 2025, with pricing to be set using the 1.75% Treasury due Dec. 31, 2024 plus 65 bps;

• $300 million 3.3% senior notes (Cusip: 134429BA6) due 2025, with pricing to be set using the 1.75% Treasury due Dec. 31, 2024 plus 80 bps; and

• Up to $50 million of the $1 billion 4.15% senior notes (Cusip: 134429BG3) due 2028, with pricing to be set using the 1.75% Treasury due Nov. 15, 2029 plus 95 bps.

The offers will expire at 11:59 p.m. ET on Feb. 5, 2020.

Tenders may be withdrawn at any time at or prior to 5 p.m. ET on Jan. 22, which is the early tender date.

Holders whose notes are 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.

Pricing will be determined at 10 a.m. ET on Jan. 23.

Holders will also receive accrued interest.

Early settlement is expected for Jan. 24. Settlement following the expiration date is expected for Feb. 7.

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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