Mars Seeks at Least $1 Billion of High-Grade Private Debt [Yahoo! Finance Canada]
Citigroup, Inc. (C)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The US confectioner is in talks with institutional investors, including insurers and asset managers, who may be interested in the high-grade debt, said the people, who requested anonymity as the transaction is private. A spokesperson for Mars declined to comment. The debt is expected to be issued in five-, nine- and 14-year maturities, with the five-year securities set to be priced at spreads of about 90-95 basis points over US Treasuries and the nine-year debt at 115-120 basis points over that benchmark, the people said. It's not clear where the 14-year debt may price. The sale is part of a broader financing for Mars — known for brands like Skittles and M&Ms candies — as part of its $36 billion acquisition of Kellanova. The debt would refinance some of a $29 billion bridge loan from Citigroup Inc. and JPMorgan Chase & Co. that was extended to finance the buyout, which is being targeted to close in the first half of 2025. Citi and JPMorgan declined
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