General Mills Issues $2.25B in New 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

From the Filing

0001193125-24-105950.txt : 20240423 0001193125-24-105950.hdr.sgml : 20240423 20240423080200 ACCESSION NUMBER: 0001193125-24-105950 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20240423 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240423 DATE AS OF CHANGE: 20240423 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: 24862733 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 d825632d8k.htm 8-K 8-K GENERAL MILLS INC false 0000040704 0000040704 2024-04-23 2024-04-23 0000040704 us-gaap:CommonStockMember 2024-04-23 2024-04-23 0000040704 gis:ZeroPointOneTwoFivePercentNotesDue2025Member 2024-04-23 2024-04-23 0000040704 gis:ZeroPointFourFiveZeroPercentNotesDue2026Member 2024-04-23 2024-04-23 0000040704 gis:OnePointFiveZeroZeroPercentNotesDue2027Member 2024-04-23 2024-04-23 0000040704 gis:EuroDenominated391NotesDueApril132029Member 2024-04-23 2024-04-23     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): April 23, 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 emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section