MARS ANNOUNCES EXPIRATION AND RESULTS OF CONSENT SOLICITATIONS AND OFFERS TO GUARANTEE RELATING TO KELLANOVA NOTES
Mars has announced the successful completion of its consent solicitations regarding Kellanova's (NYSE: K) outstanding senior notes. The company received the required consents from eligible holders to modify certain covenants and provisions in the existing Kellanova indentures from 2001, 2009, and 2024.
The modifications will align these provisions with Mars' outstanding senior notes and include Mars' guarantee following the acquisition's completion. While the supplemental indentures will be executed immediately, the proposed amendments and Mars guarantee will only become effective upon the acquisition's closing.
The consent solicitations expired on March 11, 2025, at 5:00 p.m. NYC time. Eligible holders who validly delivered consents will receive a consent payment after the acquisition closes. The acquisition remains subject to regulatory approvals and customary conditions, though it is not contingent on these consent solicitations.
Mars ha annunciato il completamento con successo delle sue richieste di consenso riguardanti le note senior outstanding di Kellanova (NYSE: K). L'azienda ha ricevuto i consensi necessari dai detentori idonei per modificare alcuni vincoli e disposizioni negli attuali contratti di Kellanova del 2001, 2009 e 2024.
Le modifiche allineeranno queste disposizioni con le note senior outstanding di Mars e includeranno la garanzia di Mars a seguito del completamento dell'acquisizione. Sebbene i contratti supplementari saranno eseguiti immediatamente, le modifiche proposte e la garanzia di Mars diventeranno efficaci solo al momento della chiusura dell'acquisizione.
Le richieste di consenso sono scadute l'11 marzo 2025, alle 17:00 ora di New York. I detentori idonei che hanno consegnato validamente i consensi riceveranno un pagamento di consenso dopo la chiusura dell'acquisizione. L'acquisizione rimane soggetta ad approvazioni normative e condizioni consuete, anche se non è subordinata a queste richieste di consenso.
Mars ha anunciado la finalización exitosa de sus solicitudes de consentimiento relacionadas con las notas senior pendientes de Kellanova (NYSE: K). La compañía recibió los consentimientos requeridos de los tenedores elegibles para modificar ciertos convenios y disposiciones en los contratos existentes de Kellanova de 2001, 2009 y 2024.
Las modificaciones alinearán estas disposiciones con las notas senior pendientes de Mars e incluirán la garantía de Mars tras la finalización de la adquisición. Si bien los contratos suplementarios se ejecutarán de inmediato, las enmiendas propuestas y la garantía de Mars solo entrarán en vigor tras el cierre de la adquisición.
Las solicitudes de consentimiento expiraron el 11 de marzo de 2025, a las 5:00 p.m. hora de Nueva York. Los tenedores elegibles que entregaron válidamente los consentimientos recibirán un pago de consentimiento después del cierre de la adquisición. La adquisición sigue sujeta a aprobaciones regulatorias y condiciones habituales, aunque no está condicionada a estas solicitudes de consentimiento.
마스는 켈라노바 (NYSE: K)의 미지급 선순위 채권에 대한 동의 요청의 성공적인 완료를 발표했습니다. 회사는 2001년, 2009년 및 2024년의 기존 켈라노바 계약에서 특정 조항 및 조항을 수정하기 위해 적격 보유자로부터 필요한 동의를 받았습니다.
이 수정 사항은 이러한 조항을 마스의 미지급 선순위 채권과 일치시키고, 인수 완료 후 마스의 보증을 포함합니다. 보충 계약은 즉시 실행되지만, 제안된 수정 사항과 마스의 보증은 인수 종료 시에만 효력을 발생합니다.
동의 요청은 2025년 3월 11일 오후 5시(뉴욕 시간)에 만료되었습니다. 유효하게 동의를 제공한 적격 보유자는 인수 종료 후 동의 지급을 받게 됩니다. 인수는 규제 승인 및 일반적인 조건에 따라 다르지만, 이러한 동의 요청에 의존하지 않습니다.
Mars a annoncé l'achèvement réussi de ses sollicitations de consentement concernant les obligations senior en circulation de Kellanova (NYSE: K). La société a reçu les consentements requis de la part des détenteurs éligibles pour modifier certaines clauses et dispositions dans les contrats existants de Kellanova des années 2001, 2009 et 2024.
Les modifications aligneront ces dispositions avec les obligations senior en circulation de Mars et incluront la garantie de Mars après l'achèvement de l'acquisition. Bien que les contrats supplémentaires seront exécutés immédiatement, les amendements proposés et la garantie de Mars ne deviendront effectifs qu'à la clôture de l'acquisition.
Les sollicitations de consentement ont expiré le 11 mars 2025 à 17h00, heure de New York. Les détenteurs éligibles ayant valablement remis des consentements recevront un paiement de consentement après la clôture de l'acquisition. L'acquisition reste soumise à des approbations réglementaires et à des conditions habituelles, bien qu'elle ne soit pas conditionnée par ces sollicitations de consentement.
Mars hat den erfolgreichen Abschluss seiner Zustimmungsgesuche bezüglich der ausstehenden Senior Notes von Kellanova (NYSE: K) bekannt gegeben. Das Unternehmen erhielt die erforderlichen Zustimmungen von berechtigten Inhabern, um bestimmte Vereinbarungen und Bestimmungen in den bestehenden Kellanova-Anleihen von 2001, 2009 und 2024 zu ändern.
Die Änderungen werden diese Bestimmungen mit den ausstehenden Senior Notes von Mars in Einklang bringen und die Garantie von Mars nach Abschluss der Übernahme einschließen. Während die ergänzenden Anleihen sofort ausgeführt werden, treten die vorgeschlagenen Änderungen und die Garantie von Mars erst nach Abschluss der Übernahme in Kraft.
Die Zustimmungsgesuche liefen am 11. März 2025 um 17:00 Uhr NYC-Zeit ab. Berechtigte Inhaber, die gültig Zustimmungen abgegeben haben, erhalten nach Abschluss der Übernahme eine Zustimmungszahlung. Die Übernahme unterliegt den behördlichen Genehmigungen und den üblichen Bedingungen, ist jedoch nicht von diesen Zustimmungsgesuchen abhängig.
- Mars received required consents to modify Kellanova's debt terms
- Mars will provide guarantee for Kellanova's notes post-acquisition
- Consent payment will be made to eligible noteholders
- Acquisition still pending regulatory approvals
- Changes to debt terms could affect note conditions
Insights
Mars' successful consent solicitations for Kellanova's outstanding notes represents a procedural milestone in their pending acquisition of the company. The company has secured the requisite majority consents from eligible noteholders to modify indenture covenants and other provisions to align with Mars' own debt standards.
The key components of this development include:
- Mars will guarantee Kellanova's outstanding notes following the acquisition's completion
- Consenting noteholders will receive a consent payment after the acquisition closes
- The indenture amendments eliminate or modify certain covenants and events of default
For Kellanova's debt holders, this represents a positive development as Mars' guarantee would likely strengthen the credit profile of these notes. The successful solicitation indicates bondholders are supportive of the acquisition and confident in Mars as guarantor.
However, it's important to note that these amendments and guarantees only become effective upon acquisition closing, which remains subject to regulatory approvals and other customary conditions. This consent solicitation process was conducted independently and doesn't guarantee the transaction will receive all necessary approvals.
For Kellanova shareholders, this news confirms the acquisition is progressing as expected through necessary pre-closing steps, but doesn't fundamentally change the acquisition outlook. The debt restructuring primarily benefits noteholders rather than equity investors directly.
This development represents normal progress in the acquisition process rather than a significant new development that materially changes the outlook for Kellanova investors.
Proposed Amendments will not become operative and the Mars Guarantee will not be issued unless and until the Acquisition is consummated
The Consent Solicitations and Offers to Guarantee were made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement, dated March 4, 2025 (the "Offering Memorandum") and were conducted in connection with, but were not conditioned upon the consummation of, the previously announced pending acquisition by Mars (the "Acquisition") of Kellanova (NYSE: K) ("Kellanova"). The consummation of the Acquisition is subject to customary conditions, including regulatory approvals, but the consummation of the Acquisition is not conditioned upon the receipt of the Requisite Consents or completion of the Consent Solicitations and Offers to Guarantee. Mars will issue the Mars Guarantee and pay the Consent Payment with respect to each Existing Kellanova Indenture conditioned upon, and promptly after the closing of, the Acquisition (the "Settlement Date").
Existing Kellanova Indenture | Existing Kellanova Notes | CUSIP No./ Common Code/ISIN (as applicable) | Aggregate Principal Amount Outstanding | Consent Payment(1) |
Indenture, dated as of March 15, 2001, between Kellanova and The Bank of New York Mellon Trust Company, N.A. (f/k/a BNY Midwest Trust Company), as amended and supplemented | CUSIP No.: 487836AT5 | |||
Indenture, dated as of May 21, 2009, between Kellanova and The Bank of New York Mellon Trust Company, N.A. (f/k/a BNY Midwest Trust Company), as trustee, as amended and supplemented | CUSIP No.: 487836BP2 | |||
CUSIP No.: 487836BU1 | ||||
CUSIP No.: 487836BW7 | ||||
ISIN No.: XS2343510520 / Common Code No.: 234351052 | ||||
CUSIP No.: 487836BX5 | ||||
CUSIP No.: 487836BZ0 | ||||
CUSIP No.: 487836BQ0 | ||||
Indenture, dated as of May 6, 2024, between Kellanova and | ISIN No.: XS2811886584 / Common Code No.: 281188658 | |||
CUSIP No.: 487836CA4 |
- Reflects the consent payment for each
$1,000 U.S. dollars or€1,000 principal amount of Existing Kellanova Notes denominated in Euros, as applicable, for which consents have been validly delivered and not validly revoked at or prior to the Expiration Date, that will be paid, subject to the satisfaction or waiver of the conditions discussed in the Offering Memorandum, promptly after the consummation of the Acquisition, on the Settlement Date.
The Proposed Amendments will eliminate or modify certain of the covenants, other provisions and events of default in the Existing Kellanova Indentures to be substantially consistent with the corresponding provisions contained in the indentures governing Mars' outstanding senior notes and include a covenant by Mars to provide the Mars Guarantee following consummation of the Acquisition.
The Proposed Amendments require consent from (i) with respect to the 2001 Indenture, the holders of at least a majority of the outstanding aggregate principal amount of the Kellanova 2031 Notes, (ii) with respect to the 2009 Indenture, the holders of at least a majority of the outstanding aggregate principal amount of the Kellanova 2026 Notes, the Kellanova 2027 Notes, the Kellanova 2028 Notes, the Kellanova 2029 Notes, the Kellanova 2030 Notes, the Kellanova 2033 Notes and the Kellanova 2046 Notes, voting as a single class, and (iii) with respect to the 2024 Indenture, the holders of at least a majority of the outstanding aggregate principal amount of the Kellanova 2034 Notes and the Kellanova 2054 Notes, voting as a single class (collectively, the "Requisite Consents").
As of the Expiration Date, D.F. King & Co., Inc., the Information and Tabulation Agent for the Consent Solicitations and Offers to Guarantee, has advised Mars that the Requisite Consents were received with respect to each Existing Kellanova Indenture.
As a result of the receipt of the Requisite Consents in each of the Consent Solicitations, on or about the date hereof, Mars, Kellanova and the applicable Existing Kellanova Notes Trustee will execute and deliver a supplemental indenture to each Existing Kellanova Indenture implementing the Proposed Amendments (such supplemental indenture, a "Kellanova Supplemental Indenture"). Each Kellanova Supplemental Indenture will be effective upon execution, but the Proposed Amendments will not become operative, the Consent Payment will not be paid and the Mars Guarantee will not be issued until the Settlement Date, assuming the satisfaction or waiver of the conditions discussed in the Offering Memorandum.
Documents relating to the Consent Solicitations and Offers to Guarantee were only distributed to persons who certified that they are (a) a "Qualified Institutional Buyer" (a "QIB"), as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or (b) a person that is not a
This press release is provided for informational purposes only and does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Consent Solicitations and Offers to Guarantee were made solely pursuant to the Offering Memorandum and only to such persons and in such jurisdictions as are permitted under applicable law.
Forward-Looking Statements
This communication contains "forward-looking statements" which reflect management's expectations regarding the Company's future growth, results of operations, operational and financial performance and business prospects and opportunities. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition or state other information relating to the Company, based on current beliefs of management as well as assumptions made by, and information currently available to, the Company. Forward-looking statements generally will be accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "possible," "potential," "predict," "project" or other similar words, phrases or expressions. Although the Company believes these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary. Such forward-looking statements may include, among other things, statements about the Consent Solicitations and Offers to Guarantee and about the Acquisition. All forward-looking statements in this communication apply only as of the date made and are expressly qualified in their entirety by this cautionary statement. Except as otherwise required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
Contact:
Kelly Frailey
Kelly.frailey@effem.com
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SOURCE Mars, Incorporated
FAQ
What changes will Mars make to Kellanova's (K) debt notes after receiving consent?
When will Mars' guarantee of Kellanova's (K) notes take effect?
What compensation will Kellanova (K) noteholders receive for consenting to the changes?
How does the consent solicitation affect Mars' acquisition of Kellanova (K)?
