Campbell Soup Company $5.3 Billion Senior Notes Offering

Davis Polk advised the representatives of the underwriters in connection with a $5.3 billion SEC-registered debt offering by Campbell Soup Company, consisting of $500 million of its floating-rate notes due 2020, $400 million of its floating-rate notes due 2021, $650 million of its 3.300% notes due 2021, $1.2 billion of its 3.650% notes due 2023, $850 million of its 3.950% notes due 2025, $1 billion of its 4.150% notes due 2028 and $700 million of its 4.800% notes due 2048.

Campbell intends to use the net proceeds from the offering to finance its pending acquisition of Snyder’s-Lance, Inc.

Credit Suisse, Barclays, Citigroup, J.P. Morgan, BofA Merrill Lynch and BNP PARIBAS acted as Joint Book-Running Managers in the offering.

Headquartered in Camden, New Jersey, Campbell Soup is a global manufacturer and marketer of high-quality soups and simple meals, beverages, snacks and packaged fresh foods. Founded in 1869, the company has a portfolio of market-leading brands, including Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens, Garden Fresh Gourmet and Pacific Foods.

Snyder’s-Lance is a leading snacking company that manufactures and markets snack food throughout the United States. It is headquartered in Charlotte, North Carolina, and has leading market positions in its core categories including pretzels, sandwich crackers, kettle chips, deli snacks and organic and natural tortilla chips.The company’s portfolio includes well-known brands such as Snyder’s of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July.

The Davis Polk capital markets team included partner Marcel Fausten (Picture) and associates Brandon Une, Cameron C. Lewis and Leigh Katz. The tax team included partner Rachel D. Kleinberg. Counsel Will Schisa and associate Britt Mosman provided compliance and advisory advice.


Involved fees earner: Marcel Fausten – Davis Polk & Wardwell; Brandon Une – Davis Polk & Wardwell; Cameron Lewis – Davis Polk & Wardwell; Leigh Katz – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Will Schisa – Davis Polk & Wardwell; Britt Mosman – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Bank; BNP Paribas; Bank of America Merrill Lynch; Citigroup Inc.; Credit Suisse; JP Morgan;



Author: Ambrogio Visconti