General Mills Updates Debt Information for 2025, 2026, 2027, 2029 Notes
Ticker: GIS · Form: 8-K · Filed: 2024-01-30T00:00:00.000Z
Sentiment: neutral
Topics: debt, corporate-finance, fixed-income
TL;DR
**GIS just updated its debt info for several notes, keep an eye on those interest rates!**
AI Summary
General Mills, Inc. filed an 8-K on January 30, 2024, reporting an event that occurred on January 29, 2024. The filing indicates the company is updating information related to its outstanding notes, specifically mentioning 0.125% Notes due 2025, 0.450% Notes due 2026, 1.500% Notes due 2027, and Euro-denominated 3.91% Notes due April 13, 2029. This matters to investors because it provides current details on the company's debt structure, which can impact its financial health and future earnings.
Why It Matters
Understanding General Mills' debt obligations is crucial for investors as it directly affects the company's financial leverage and interest expenses, influencing profitability and shareholder returns.
Risk Assessment
Risk Level: low — This filing is primarily an informational update on existing debt instruments and does not indicate new, significant financial risks or changes.
Analyst Insight
Investors should monitor General Mills' upcoming earnings calls for further details on their debt management strategy, especially concerning the notes maturing in 2025, 2026, and 2027, to assess potential impacts on interest expenses.
Key Numbers
- 0.125% — Interest Rate (for Notes due 2025, indicating low borrowing cost for this tranche)
- 0.450% — Interest Rate (for Notes due 2026, another low-cost debt component)
- 1.500% — Interest Rate (for Notes due 2027, still relatively low borrowing cost)
- 3.91% — Interest Rate (for Euro-denominated Notes due April 13, 2029, a higher rate compared to the other listed notes)
Key Players & Entities
- General Mills, Inc. (company) — the registrant filing the 8-K
- January 29, 2024 (date) — date of earliest event reported
- January 30, 2024 (date) — date the 8-K was filed
- 0.125% (dollar_amount) — interest rate for Notes due 2025
- 2025 (date) — maturity year for 0.125% Notes
- 0.450% (dollar_amount) — interest rate for Notes due 2026
- 2026 (date) — maturity year for 0.450% Notes
- 1.500% (dollar_amount) — interest rate for Notes due 2027
- 2027 (date) — maturity year for 1.500% Notes
- 3.91% (dollar_amount) — interest rate for Euro-denominated Notes due April 13, 2029
Forward-Looking Statements
- General Mills will likely refinance the 0.125% Notes due 2025 with higher interest rates given the current market environment. (General Mills, Inc.) — medium confidence, target: 2025
FAQ
What is the earliest event reported in this 8-K filing by General Mills, Inc.?
The earliest event reported in this 8-K filing by General Mills, Inc. occurred on January 29, 2024.
Which specific debt instruments are mentioned in this 8-K filing?
The filing specifically mentions 0.125% Notes due 2025, 0.450% Notes due 2026, 1.500% Notes due 2027, and Euro-denominated 3.91% Notes due April 13, 2029.
What is the interest rate and maturity year for the shortest-term notes mentioned in the filing?
The shortest-term notes mentioned are the 0.125% Notes due 2025.
What is the interest rate and maturity date for the Euro-denominated notes?
The Euro-denominated notes have an interest rate of 3.91% and are due on April 13, 2029.
What is General Mills, Inc.'s business address as stated in the filing?
General Mills, Inc.'s business address is Number One General Mills Boulevard, Minneapolis, Minnesota 55426.
From the Filing
0001193125-24-018891.txt : 20240130 0001193125-24-018891.hdr.sgml : 20240130 20240130093503 ACCESSION NUMBER: 0001193125-24-018891 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20240129 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240130 DATE AS OF CHANGE: 20240130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MILLS INC CENTRAL INDEX KEY: 0000040704 STANDARD INDUSTRIAL CLASSIFICATION: GRAIN MILL PRODUCTS [2040] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 410274440 STATE OF INCORPORATION: DE FISCAL YEAR END: 0530 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01185 FILM NUMBER: 24576109 BUSINESS ADDRESS: STREET 1: NUMBER ONE GENERAL MILLS BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55426 BUSINESS PHONE: (763) 764-7600 MAIL ADDRESS: STREET 1: P O BOX 1113 CITY: MINNEAPOLIS STATE: MN ZIP: 55440 8-K 1 d745524d8k.htm 8-K 8-K GENERAL MILLS INC false 0000040704 --05-30 0000040704 2024-01-29 2024-01-29 0000040704 us-gaap:CommonStockMember 2024-01-29 2024-01-29 0000040704 gis:ZeroPointOneTwoFivePercentNotesDue2025Member 2024-01-29 2024-01-29 0000040704 gis:ZeroPointFourFiveZeroPercentNotesDue2026Member 2024-01-29 2024-01-29 0000040704 gis:OnePointFiveZeroZeroPercentNotesDue2027Member 2024-01-29 2024-01-29 0000040704 gis:EuroDenominated391NotesDueApril132029Member 2024-01-29 2024-01-29     UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 29, 2024     General Mills, Inc. (Exact name of Registrant as Specified in Its Charter)       Delaware   001-01185   41-0274440 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)   Number One General Mills Boulevard Minneapolis , Minnesota   55426 (Address of Principal Executive Offices)   (Zip Code) Registrant’s Telephone Number, Including Area Code: (763) 764-7600 Not Applicable (Former Name or Former Address, if Changed Since Last Report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, $.10 par value   GIS   New York Stock Exchange 0.125% Notes due 2025   GIS 25A   New York Stock Exchange 0.450% Notes due 2026   GIS 26   New York Stock Exchange 1.500% Notes due 2027   GIS 27   New York Stock Exchange 3.907% Notes due 2029   GIS 29   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company  ☐ If an