General Mills, Inc. (GIS, Financial) has announced a significant financial move with the agreement to sell $1.5 billion in aggregate principal amount of notes. The offering includes $750 million of 4.875% Notes due in 2030 and another $750 million of 5.250% Notes due in 2035. This strategic issuance is part of the company's ongoing efforts to optimize its capital structure and support its long-term financial strategy.
The transaction was formalized on November 18, 2024, under an Underwriting Agreement with major financial institutions including Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC. These institutions are acting as representatives of the several underwriters involved in the deal.
The Notes will be issued under an Indenture dated February 1, 1996, as amended, with U.S. Bank Trust Company, National Association serving as Trustee. The issuance is registered under the Securities Act of 1933, ensuring compliance with regulatory standards.
The closing of this transaction is anticipated to occur on November 21, 2024, subject to customary closing conditions. This move is expected to enhance General Mills' financial flexibility and support its growth initiatives.
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