General Mills Issues $2.25B in New Notes
Ticker: GIS · Form: 8-K · Filed: Apr 23, 2024 · CIK: 40704
| Field | Detail |
|---|---|
| Company | General Mills INC (GIS) |
| Form Type | 8-K |
| Filed Date | Apr 23, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-issuance, financing, notes
TL;DR
General Mills just dropped $2.25B in new debt across multiple tranches. Watch those interest payments.
AI Summary
On April 23, 2024, General Mills, Inc. filed an 8-K report detailing the issuance of new senior notes. These notes include $750 million in 0.125% notes due 2025, $750 million in 0.450% notes due 2026, $750 million in 1.500% notes due 2027, and €500 million in 3.91% notes due 2029. The filing also includes financial statements and exhibits.
Why It Matters
General Mills is raising significant capital through debt issuance, which could impact its financial leverage and future investment capacity.
Risk Assessment
Risk Level: medium — The issuance of substantial new debt increases the company's financial leverage and interest obligations.
Key Numbers
- $2.25B — Total Debt Issued (Aggregate principal amount of the new senior notes issued.)
- 0.125% — Lowest Interest Rate (Interest rate on the notes due 2025.)
- 3.91% — Highest Interest Rate (Interest rate on the Euro-denominated notes due 2029.)
Key Players & Entities
- General Mills, Inc. (company) — Registrant
- April 23, 2024 (date) — Date of earliest event reported
- $750 million (dollar_amount) — Principal amount of 0.125% notes due 2025
- $750 million (dollar_amount) — Principal amount of 0.450% notes due 2026
- $750 million (dollar_amount) — Principal amount of 1.500% notes due 2027
- €500 million (dollar_amount) — Principal amount of 3.91% Euro-denominated notes due 2029
FAQ
What is the total principal amount of the new senior notes issued by General Mills?
General Mills issued a total of $2.25 billion in new senior notes, comprised of $750 million in notes due 2025, $750 million in notes due 2026, and $750 million in notes due 2027, plus €500 million in notes due 2029.
What are the maturity dates for the newly issued notes?
The new notes have maturity dates in 2025, 2026, 2027, and 2029.
What is the interest rate on the notes due in 2027?
The notes due in 2027 carry an interest rate of 1.500%.
Are there any non-USD denominated notes being issued?
Yes, General Mills is issuing €500 million in Euro-denominated notes due April 13, 2029.
What is the purpose of this 8-K filing?
This 8-K filing is to report the occurrence of material events, specifically the issuance of new debt securities, and to provide related financial statements and exhibits.
Filing Stats: 745 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-04-23 08:02:00
Filing Documents
- d825632d8k.htm (8-K) — 34KB
- d825632dex1.htm (EX-1) — 183KB
- d825632dex41.htm (EX-4.1) — 96KB
- d825632dex42.htm (EX-4.2) — 97KB
- d825632dex5.htm (EX-5) — 17KB
- 0001193125-24-105950.txt ( ) — 706KB
- gis-20240423.xsd (EX-101.SCH) — 5KB
- gis-20240423_def.xml (EX-101.DEF) — 14KB
- gis-20240423_lab.xml (EX-101.LAB) — 24KB
- gis-20240423_pre.xml (EX-101.PRE) — 15KB
- d825632d8k_htm.xml (XML) — 9KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits . 1 Underwriting Agreement, dated April 18, 2024, among the Company and Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited and Deutsche Bank AG, London Branch, as representatives of the several underwriters named in Schedule II thereto. 4.1 Officers' Certificate and Authentication Order, dated April 23, 2024 for the 3.650% Notes due 2030 (which includes the form of Note) issued pursuant to the Indenture. 4.2 Officers' Certificate and Authentication Order, dated April 23, 2024, for the 3.850% Notes due 2034 (which includes the form of Note) issued pursuant to the Indenture. 5 Opinion of Faegre Drinker Biddle & Reath LLP. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 23, 2024 GENERAL MILLS, INC. By: /s/ Kofi A. Bruce Name: Kofi A. Bruce Title: Chief Financial Officer