Mars, Incorporated Announces Offering of Senior Notes
Mars, Incorporated has announced a private offering of senior notes to partially finance its pending acquisition of Kellanova (NYSE: K). The notes will be offered to qualified institutional buyers in the US and non-US persons outside the US under Securities Act exemptions.
If the acquisition isn't completed by August 20, 2026, or if the merger agreement is terminated earlier, the notes will be subject to a special mandatory redemption at 101% of their principal amount plus accrued interest. While the notes won't initially be guaranteed by Mars subsidiaries, Kellanova is expected to guarantee them on a senior unsecured basis upon acquisition completion.
The offering's completion isn't conditional on the acquisition's consummation. The notes haven't been registered under the Securities Act and cannot be offered or sold in the US without registration or applicable exemption.
Mars, Incorporated ha annunciato un'offerta privata di obbligazioni senior per finanziare parzialmente l'acquisizione in corso di Kellanova (NYSE: K). Le obbligazioni saranno offerte a investitori istituzionali qualificati negli Stati Uniti e a persone non statunitensi al di fuori degli Stati Uniti, in base alle esenzioni della Securities Act.
Se l'acquisizione non viene completata entro il 20 agosto 2026, o se l'accordo di fusione viene risolto anticipatamente, le obbligazioni saranno soggette a un rimborso obbligatorio speciale al 101% del loro importo principale più gli interessi maturati. Anche se inizialmente le obbligazioni non saranno garantite dalle sussidiarie di Mars, si prevede che Kellanova le garantisca su base senior non garantita al completamento dell'acquisizione.
Il completamento dell'offerta non è condizionato alla conclusione dell'acquisizione. Le obbligazioni non sono state registrate ai sensi della Securities Act e non possono essere offerte o vendute negli Stati Uniti senza registrazione o esenzione applicabile.
Mars, Incorporated ha anunciado una oferta privada de notas senior para financiar parcialmente su adquisición pendiente de Kellanova (NYSE: K). Las notas se ofrecerán a compradores institucionales calificados en EE. UU. y a personas no estadounidenses fuera de EE. UU. bajo las exenciones de la Ley de Valores.
Si la adquisición no se completa antes del 20 de agosto de 2026, o si el acuerdo de fusión se termina antes, las notas estarán sujetas a un reembolso obligatorio especial del 101% de su monto principal más los intereses acumulados. Aunque las notas no estarán inicialmente garantizadas por las subsidiarias de Mars, se espera que Kellanova las garantice en una base senior no garantizada al completarse la adquisición.
La finalización de la oferta no está condicionada a la consumación de la adquisición. Las notas no han sido registradas bajo la Ley de Valores y no pueden ser ofrecidas o vendidas en EE. UU. sin registro o exención aplicable.
Mars, Incorporated는 Kellanova (NYSE: K)의 인수 자금을 부분적으로 조달하기 위해 선순위 채권의 비공식 제공을 발표했습니다. 이 채권은 미국의 자격 있는 기관 투자자와 미국 외의 비 미국인에게 증권법 면제에 따라 제공됩니다.
인수가 2026년 8월 20일 이전에 완료되지 않거나 합병 계약이 조기에 종료될 경우, 채권은 원금의 101%에 해당하는 특별 의무 상환 대상이 됩니다. 채권은 처음에는 Mars의 자회사가 보증하지 않지만, 인수 완료 시 Kellanova가 비담보 선순위로 보증할 것으로 예상됩니다.
제공의 완료는 인수의 성사에 조건을 두지 않습니다. 채권은 증권법에 따라 등록되지 않았으며, 등록이나 적용 가능한 면제 없이 미국에서 제공되거나 판매될 수 없습니다.
Mars, Incorporated a annoncé une offre privée de notes senior pour financer partiellement son acquisition en cours de Kellanova (NYSE: K). Les notes seront proposées à des acheteurs institutionnels qualifiés aux États-Unis et à des personnes non américaines en dehors des États-Unis, conformément aux exemptions de la Loi sur les valeurs mobilières.
Si l'acquisition n'est pas finalisée d'ici le 20 août 2026, ou si l'accord de fusion est résilié plus tôt, les notes seront soumises à un remboursement obligatoire spécial à 101% de leur montant principal plus les intérêts accumulés. Bien que les notes ne soient pas initialement garanties par les filiales de Mars, Kellanova devrait les garantir sur une base senior non sécurisée une fois l'acquisition finalisée.
La réalisation de l'offre n'est pas conditionnée à la finalisation de l'acquisition. Les notes n'ont pas été enregistrées en vertu de la Loi sur les valeurs mobilières et ne peuvent pas être proposées ou vendues aux États-Unis sans enregistrement ou exemption applicable.
Mars, Incorporated hat eine private Platzierung von Senior Notes angekündigt, um teilweise die bevorstehende Übernahme von Kellanova (NYSE: K) zu finanzieren. Die Notes werden qualifizierten institutionellen Käufern in den USA und außerhalb der USA an nicht-US-Personen unter Ausnahmen des Wertpapiergesetzes angeboten.
Wenn die Übernahme bis zum 20. August 2026 nicht abgeschlossen ist oder wenn der Fusionsvertrag früher beendet wird, unterliegen die Notes einer besonderen obligatorischen Rückzahlung von 101% ihres Nennbetrags zuzüglich aufgelaufener Zinsen. Auch wenn die Notes zunächst nicht von den Tochtergesellschaften von Mars garantiert werden, wird erwartet, dass Kellanova sie nach Abschluss der Übernahme auf unbesicherter Senior-Basis garantiert.
Der Abschluss des Angebots ist nicht an den Vollzug der Übernahme gebunden. Die Notes wurden nicht nach dem Wertpapiergesetz registriert und können ohne Registrierung oder anwendbare Ausnahme nicht in den USA angeboten oder verkauft werden.
- Structured financing plan in place for major acquisition
- 101% redemption protection for noteholders if deal fails
- Additional security through Kellanova's future guarantee of notes
- Notes offering increases Mars' debt burden
- Risk of acquisition not closing by deadline
- Notes not registered under Securities Act, limiting transferability
Insights
Mars' senior notes offering represents a critical financing step in its pending Kellanova acquisition. While the offering amount remains undisclosed, Mars indicates proceeds will combine with other financing sources and cash reserves to fund the transaction. This structured debt approach is typical for large-scale acquisitions.
The notes include a special mandatory redemption provision - if the acquisition isn't completed by August 2026 or the merger agreement terminates earlier, Mars will redeem notes at
Particularly noteworthy is that post-acquisition, Kellanova will guarantee these notes on a senior unsecured basis. This effectively transfers liability for acquisition debt to Kellanova's balance sheet, with the company's future cash flows helping service this debt - a common feature in leveraged acquisitions.
For Kellanova shareholders, this announcement confirms Mars is methodically securing necessary financing, suggesting continued commitment to the transaction. The offering isn't contingent on acquisition completion, allowing Mars to secure financing before obtaining all regulatory approvals.
This represents a procedural step without changing fundamental deal terms, indicating the acquisition continues progressing as expected with significant runway for regulatory review.
On the issue date, the Notes will not be guaranteed by any of the Company's subsidiaries. Upon the consummation of the Acquisition, Kellanova is expected to guarantee the Notes on a senior unsecured basis.
The Notes are being offered in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), in
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the Notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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 offering of the Notes 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
View original content to download multimedia:https://www.prnewswire.com/news-releases/mars-incorporated-announces-offering-of-senior-notes-302391601.html
SOURCE Mars, Incorporated
FAQ
When is the deadline for Mars to complete Kellanova (K) acquisition before notes redemption?
What happens to the senior notes if Mars fails to acquire Kellanova (K)?
Will Kellanova (K) guarantee Mars' senior notes after the acquisition?
Who can purchase Mars' senior notes for the Kellanova (K) acquisition?
