Hormel Foods Corp Enters Material Definitive Agreement

TL;DR

Hormel Foods just signed a big deal, could be debt or something else important.

AI Summary

On March 5, 2024, Hormel Foods Corporation entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Delaware, filed an 8-K report detailing this event. The filing does not specify the exact nature of the agreement or any associated dollar amounts.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Hormel Foods, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risk or opportunity that is not yet fully detailed.

Key Players & Entities

• HORMEL FOODS CORP /DE/ (company) — Registrant
• Delaware (jurisdiction) — State of Incorporation
• March 5, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01465 — ange on which registered Common Stock $0.01465 par value HRL New York Stock Exchan
• $500,000,000 — rchase an aggregate principal amount of $500,000,000 principal amount of its 4.800% Notes du

Filing Documents

• tm247685d6_8k.htm (8-K) — 36KB
• tm247685d6_ex1-1.htm (EX-1.1) — 201KB
• tm247685d6_ex4-1.htm (EX-4.1) — 77KB
• tm247685d6_ex5-1.htm (EX-5.1) — 17KB
• tm247685d6_ex5-1img01.jpg (GRAPHIC) — 14KB
• 0001104659-24-032398.txt ( ) — 589KB
• hrl-20240305.xsd (EX-101.SCH) — 3KB
• hrl-20240305_lab.xml (EX-101.LAB) — 33KB
• hrl-20240305_pre.xml (EX-101.PRE) — 22KB
• tm247685d6_8k_htm.xml (XML) — 3KB

01

Item 1.01. Entry into a Material Definitive Agreement. On March 5, 2024, Hormel Foods Corporation (the " Company ") entered into an Underwriting Agreement (the " Underwriting Agreement ") with BofA Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters listed in Schedule 1 therein (collectively, the " Underwriters "), pursuant to which the Company agreed to issue and sell and the Underwriters have severally agreed to purchase an aggregate principal amount of $500,000,000 principal amount of its 4.800% Notes due 2027 (the " Notes "), which are further described below. The Underwriting Agreement contains representations, warranties and covenants that are customary for transactions of this type. It also provides for customary indemnification by each of the Company and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities. The Notes were offered pursuant to the Company's Registration Statement on Form S-3 (Registration No. 333- 268693) (the " Registration December 6, 2022 (the " Prospectus ") and Prospectus Supplement dated March 5, 2024 (the " Prospectus Supplement") . A copy of the Underwriting Agreement is attached hereto as Exhibit 1.1 and is expressly incorporated by reference herein and into the Registration Statement. The foregoing description of the terms of the Underwriting Agreement is qualified in its entirety by reference to the actual terms thereof. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On March 8, 2024, pursuant to the Underwriting Agreement, the Company issued $500,000,000 principal amount of the Notes. The Notes were issued and sold pursuant to the previously disclosed Underw

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 1.1 Underwriting Agreement dated March 5, 2024 among Hormel Foods Corporation and BofA Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters listed in Schedule 1 thereto. 4.1 Form of 4.800% Notes due 2027 5.1 Opinion of Faegre Drinker Biddle & Reath LLP 23.1 Consent of Faegre Drinker Biddle & Reath LLP (included as part of Exhibit 5.1) 101.1 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. 104.1 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

SIGNATURES

SIGNATURES 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. HORMEL FOODS CORPORATION (Registrant) Dated: March 8, 2024 By /s/ Florence Makope Name: Florence Makope Title: Vice President and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR