MARS COMMENCES CONSENT SOLICITATIONS AND OFFERS TO GUARANTEE RELATING TO KELLANOVA NOTES
Mars, Incorporated has announced consent solicitations from eligible holders of Kellanova's (NYSE: K) outstanding senior notes, in connection with Mars' pending acquisition of Kellanova. The solicitation seeks approval for amendments to three existing Kellanova indentures from 2001, 2009, and 2024.
Mars is offering to issue an unconditional and irrevocable guarantee for prompt payment of amounts owed to noteholders, along with a consent payment. The deadline for consent is March 11, 2025, at 5:00 p.m., New York City time. The proposed amendments will modify certain covenants and events of default to align with Mars' outstanding senior notes.
The amendments require majority consent from holders of various Kellanova notes. While the consent solicitations are independent of the acquisition's completion, the consent payment won't be made and Mars' guarantee won't be issued until the acquisition closes. The offer is to Qualified Institutional Buyers and non-U.S. persons as defined in Securities Act regulations.
Mars, Incorporated ha annunciato richieste di consenso da parte dei detentori idonei delle obbligazioni senior in circolazione di Kellanova (NYSE: K), in relazione all'acquisizione in corso di Kellanova da parte di Mars. La richiesta mira ad ottenere l'approvazione per le modifiche a tre indenture esistenti di Kellanova risalenti al 2001, 2009 e 2024.
Mars offre di emettere una garanzia incondizionata e irrevocabile per il pagamento tempestivo delle somme dovute ai detentori delle obbligazioni, insieme a un pagamento di consenso. La scadenza per il consenso è fissata per l'11 marzo 2025, alle 17:00, ora di New York. Le modifiche proposte modificheranno alcuni vincoli e eventi di default per allinearsi con le obbligazioni senior in circolazione di Mars.
Le modifiche richiedono il consenso della maggioranza dei detentori di varie obbligazioni Kellanova. Anche se le richieste di consenso sono indipendenti dal completamento dell'acquisizione, il pagamento di consenso non sarà effettuato e la garanzia di Mars non sarà emessa fino alla chiusura dell'acquisizione. L'offerta è rivolta a Compratori Istituzionali Qualificati e a soggetti non statunitensi come definito dalle normative sul Securities Act.
Mars, Incorporated ha anunciado solicitudes de consentimiento de los tenedores elegibles de las notas senior en circulación de Kellanova (NYSE: K), en relación con la adquisición pendiente de Kellanova por parte de Mars. La solicitud busca la aprobación para enmiendas a tres contratos existentes de Kellanova de 2001, 2009 y 2024.
Mars está ofreciendo emitir una garantía incondicional e irrevocable para el pago puntual de las cantidades adeudadas a los tenedores de notas, junto con un pago de consentimiento. La fecha límite para el consentimiento es el 11 de marzo de 2025, a las 5:00 p.m., hora de Nueva York. Las enmiendas propuestas modificarán ciertos convenios y eventos de incumplimiento para alinearse con las notas senior en circulación de Mars.
Las enmiendas requieren el consentimiento de la mayoría de los tenedores de varias notas de Kellanova. Aunque las solicitudes de consentimiento son independientes de la finalización de la adquisición, el pago de consentimiento no se realizará y la garantía de Mars no se emitirá hasta que se cierre la adquisición. La oferta está dirigida a Compradores Institucionales Calificados y a personas no estadounidenses según lo definido en las regulaciones de la Ley de Valores.
마스 주식회사는 켈라노바(NYSE: K)의 기존 선순위 채권 보유자들로부터 동의 요청을 발표했습니다. 이는 마스의 켈라노바 인수와 관련이 있습니다. 이 요청은 2001년, 2009년 및 2024년의 세 가지 기존 켈라노바 계약에 대한 수정 승인을 구하고 있습니다.
마스는 채권자에게 지급해야 할 금액의 신속한 지급을 보장하는 무조건적이고 취소 불가능한 보증을 제공하며, 동의금도 함께 지급할 것입니다. 동의 마감일은 2025년 3월 11일 오후 5시(뉴욕 시간)입니다. 제안된 수정안은 마스의 기존 선순위 채권과 일치하도록 특정 조항과 채무 불이행 사건을 수정할 것입니다.
수정안은 다양한 켈라노바 채권 보유자들의 과반수 동의를 요구합니다. 동의 요청은 인수 완료와는 독립적이지만, 인수가 완료될 때까지 동의금은 지급되지 않으며 마스의 보증도 발행되지 않습니다. 이 제안은 자격 있는 기관 투자자와 미국 외의 개인에게 제공됩니다.
Mars, Incorporated a annoncé des demandes de consentement de la part des détenteurs éligibles des obligations senior en circulation de Kellanova (NYSE: K), en lien avec l'acquisition en cours de Kellanova par Mars. La demande vise à obtenir l'approbation pour des modifications de trois contrats existants de Kellanova datant de 2001, 2009 et 2024.
Mars propose d'émettre une garantie inconditionnelle et irrévocable pour le paiement rapide des montants dus aux détenteurs d'obligations, accompagnée d'un paiement de consentement. La date limite pour le consentement est le 11 mars 2025 à 17h00, heure de New York. Les modifications proposées modifieront certains engagements et événements de défaut pour s'aligner sur les obligations senior en circulation de Mars.
Les modifications nécessitent le consentement de la majorité des détenteurs de diverses obligations Kellanova. Bien que les demandes de consentement soient indépendantes de l'achèvement de l'acquisition, le paiement de consentement ne sera pas effectué et la garantie de Mars ne sera pas émise tant que l'acquisition ne sera pas finalisée. L'offre s'adresse aux acheteurs institutionnels qualifiés et aux personnes non américaines, comme défini par les réglementations de la loi sur les valeurs mobilières.
Mars, Incorporated hat Zustimmungsanfragen von berechtigten Inhabern der ausstehenden Senior Notes von Kellanova (NYSE: K) im Zusammenhang mit der bevorstehenden Übernahme von Kellanova durch Mars angekündigt. Die Anfrage zielt darauf ab, die Genehmigung für Änderungen an drei bestehenden Kellanova-Verträgen aus den Jahren 2001, 2009 und 2024 zu erhalten.
Mars bietet an, eine bedingungslose und unwiderrufliche Garantie für die pünktliche Zahlung der an die Anleihegläubiger geschuldeten Beträge zu übernehmen, zusammen mit einer Zustimmungszahlung. Die Frist für die Zustimmung endet am 11. März 2025 um 17:00 Uhr, New Yorker Zeit. Die vorgeschlagenen Änderungen werden bestimmte Vereinbarungen und Ereignisse des Verzugs modifizieren, um sich an die ausstehenden Senior Notes von Mars anzupassen.
Die Änderungen erfordern die Zustimmung der Mehrheit der Inhaber verschiedener Kellanova-Notes. Obwohl die Zustimmungsanfragen unabhängig vom Abschluss der Übernahme sind, wird die Zustimmungzahlung nicht geleistet und die Garantie von Mars wird nicht ausgegeben, bis die Übernahme abgeschlossen ist. Das Angebot richtet sich an qualifizierte institutionelle Käufer und nicht-US-Personen, wie sie in den Vorschriften des Wertpapiergesetzes definiert sind.
- Mars to provide unconditional guarantee for Kellanova note payments
- Consent payment offered to participating noteholders
- Enhanced security for noteholders through Mars' guarantee
- Amendments could reduce existing noteholder protections
- Consent solicitation success uncertain
- Implementation dependent on acquisition completion
Insights
This announcement reflects a standard debt management procedure in Mars' acquisition of Kellanova. Mars is soliciting consent from Kellanova bondholders to modify debt covenants across multiple indentures to align them with Mars' existing debt structure. In exchange, Mars offers to guarantee Kellanova's outstanding notes and make consent payments to participating noteholders.
This procedural step primarily impacts Kellanova's bondholders, who would receive enhanced security through Mars' guarantee in exchange for accepting modified covenants. The consent solicitation has a tight timeline with a March 11, 2025 deadline, indicating Mars is methodically advancing the integration planning.
For equity investors, this development signals the acquisition is proceeding through normal procedural channels without revealing new information about deal terms, valuation, or closing timeline. The mechanics described - obtaining majority consent across different note classes, implementing supplemental indentures, and conditioning payments on acquisition closing - follow standard M&A debt integration protocols.
The proposed amendments will only become operative upon acquisition closing, though the consent process itself operates independently. This debt administration work represents typical pre-closing integration planning rather than a material change to the acquisition's fundamental structure or value proposition for shareholders.
Proposed Amendments will not become operative and the Mars Guarantee will not be issued unless and until the Acquisition is consummated
In connection with the Consent Solicitation in respect of each Existing Kellanova Indenture, Mars is offering, subject to the satisfaction or waiver of the conditions of such Consent Solicitation (including the receipt of the Requisite Consents (as defined herein) with respect to such Existing Kellanova Indenture and the execution of the applicable Kellanova Supplemental Indenture (as defined herein)), to, promptly after the consummation of the Acquisition: (i) issue an unconditional and irrevocable guarantee (the "Mars Guarantee") of the prompt payment, when due, of any amount owed to the holders of the Existing Kellanova Notes issued under such Existing Kellanova Indenture, and any other amounts due pursuant to such Existing Kellanova Indenture (the "Offer to Guarantee" and collectively, the "Offers to Guarantee") and (ii) make the consent payment (the "Consent Payment") set forth in the table below to holders of Existing Kellanova Notes issued under such Existing Kellanova Indenture that have validly delivered and not validly revoked their consent at or prior to 5:00 p.m.,
The Consent Solicitations and Offers to Guarantee are being conducted in connection with, but are 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. Assuming the conditions to the Consent Solicitation and Offer to Guarantee with respect to the applicable Existing Kellanova Indenture are satisfied or waived, Mars will issue the Mars Guarantee and pay the Consent Payment with respect to such Existing Kellanova Indenture promptly after the closing of the Acquisition (the "Settlement Date").
Existing Kellanova Indenture | Existing Kellanova Notes | CUSIP No./ Common Code/ISIN (as applicable) | Aggregate | Consent Payment(1) |
Indenture, dated as of March 15, |
| CUSIP No.: 487836AT5 | ||
Indenture, dated as of May 21, |
| CUSIP No.: 487836BP2 | ||
| CUSIP No.: 487836BU1 | |||
| CUSIP No.: 487836BW7 | |||
| ISIN No.: XS2343510520 / | |||
| CUSIP No.: 487836BX5 | |||
| CUSIP No.: 487836BZ0 | |||
| CUSIP No.: 487836BQ0 | |||
Indenture, dated as of May 6, |
| ISIN No.: XS2811886584 / | ||
| CUSIP No.: 487836CA4 | |||
(1) Reflects the consent payment for each | ||||
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").
At any time before the Expiration Date, if Mars receives valid consents sufficient to effect the Proposed Amendments with respect to an Existing Kellanova Indenture, Mars, Kellanova and the applicable Existing Kellanova Notes Trustee will execute and deliver a supplemental indenture implementing the Proposed Amendments (such supplemental indenture, a "Kellanova Supplemental Indenture"). Such 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.
Each Consent Solicitation and Offer to Guarantee with respect to any Existing Kellanova Indenture is being made independently of the other Consent Solicitations and Offers to Guarantee with respect to any other Existing Kellanova Indenture and is not conditioned upon the completion of any of the other Consent Solicitations and Offers to Guarantee. The consummation of the Consent Solicitations is not conditioned on the consummation of the Acquisition; however, the Consent Payment will not be paid, the Proposed Amendments will not become operative and the Mars Guarantee will not be issued unless and until the Acquisition is consummated. In addition, Mars may amend the terms of any Consent Solicitation and Offer to Guarantee without amending the terms of any other Consent Solicitation and Offer to Guarantee.
The Consent Solicitations and Offers to Guarantee are being made solely on the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated as of March 4, 2025 (the "Offering Memorandum"), and are subject to, and conditional upon, the satisfaction or waiver of the conditions set forth in the Offering Memorandum, including, with respect to any Existing Kellanova Indenture, the receipt of the applicable Requisite Consents.
Consents to the Proposed Amendments may be revoked at any time prior to the earlier of (i) the Expiration Date, and (ii) the time at which the Requisite Consents (as defined herein) with respect to such Consent Solicitation and Offer to Guarantee have been received (the "Consent Revocation Deadline") but may not be revoked at any time thereafter except in certain limited circumstances where additional revocation rights are required by law. Any notice of revocation received after the applicable Consent Revocation Deadline will not be effective.
Eligible Holders of the Existing Kellanova Notes are urged to review the Offering Memorandum for the detailed terms of the Proposed Amendments and the procedures for approving such Proposed Amendments. A complete description of the terms and conditions of the Consent Solicitations is set out in the Offering Memorandum. Before making a decision with respect to the Consent Solicitations, Eligible Holders should carefully consider all of the information in the Offering Memorandum.
Documents relating to the Consent Solicitations and Offers to Guarantee will only be distributed to persons who certify 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 are being 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
When is the deadline for Kellanova (K) noteholders to submit their consent to Mars?
What changes is Mars proposing to Kellanova's (K) existing note indentures?
Who is eligible to participate in Mars' consent solicitation for Kellanova (K) notes?
What happens to Mars' guarantee of Kellanova (K) notes if the acquisition fails?
