General Mills’ $6.05 Billion Notes Offering

Davis Polk advised the representatives of the underwriters in connection with a $6.05 billion SEC-registered offering by General Mills, Inc., consisting of $850 million of its floating-rate notes due 2021, $400 million of its floating-rate notes due 2023, $600 million of its 3.200% notes due 2021, $850 million of its 3.700% notes due 2023, $800 million of its 4.000% notes due 2025, $1.40 billion of its 4.200% notes due 2028, $500 million of its 4.550% notes due 2038 and $650 million of its 4.700% notes due 2048.

Goldman Sachs & Co. LLC, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, Barclays and Morgan Stanley acted as Joint Book-Running Managers on the offerings.

General Mills intends to use the net proceeds from the offering to finance a portion of its pending acquisition of Blue Buffalo Pet Products, Inc.

Based in Minneapolis, Minnesota, General Mills is a global manufacturer and marketer of branded consumer foods sold through retail stores. General Mills is also a supplier of branded and unbranded food products to the food service and commercial baking industries.

Founded in 2002, Blue Buffalo is one of the fastest growing major pet food companies making natural foods and treats for dogs and cats under the BLUE brand, which includes BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet.

The Davis Polk corporate team included partner John B. Meade (Picture) and associate Stephen A. Byeff. The tax team included partner Lucy W. Farr and associate Catherine L. Chu.


Involved fees earner: John Meade – Davis Polk & Wardwell; Stephen Byeff – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; Catherine Chu – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Bank; Bank of America Merrill Lynch; Citigroup Inc.; Deutsche Bank Securities; Goldman, Sachs & Co.; Morgan Stanley;



Author: Ambrogio Visconti