Post Holdings Announces Commencement of Senior Notes Offering
Post Holdings (NYSE: POST) has announced plans to offer $1,200.0 million in senior notes due 2033 to eligible purchasers. These notes will be unsecured, senior obligations guaranteed by the company's domestic subsidiaries. The net proceeds will primarily fund a concurrent cash tender offer for up to $475.0 million of existing 5.625% senior notes due 2028 and repay borrowings under its revolving credit facility. Any remaining funds will be used for general corporate purposes. The offering is subject to market conditions and is not contingent on the tender offer's completion. The notes will be offered to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act.
Post Holdings (NYSE: POST) ha annunciato piani per offrire 1.200,0 milioni di dollari in obbligazioni senior con scadenza nel 2033 a acquirenti idonei. Queste obbligazioni saranno non garantite, impegnative senior garantite dalle controllate domestiche della società. I proventi netti serviranno principalmente a finanziare un offerta di acquisto in contante simultanea fino a 475,0 milioni di dollari di obbligazioni senior esistenti al 5,625% con scadenza nel 2028 e a ripagare i prestiti sotto la sua linea di credito revolving. I fondi rimanenti saranno utilizzati per scopi aziendali generali. L'offerta è soggetta alle condizioni di mercato e non è vincolata al completamento dell'offerta di acquisto. Le obbligazioni saranno offerte a compratori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi della Regolamentazione S della Legge sui Titoli.
Post Holdings (NYSE: POST) ha anunciado planes para ofrecer 1,200.0 millones de dólares en notas séniores con vencimiento en 2033 a compradores elegibles. Estas notas serán obligaciones séniores no garantizadas, garantizadas por las subsidiarias nacionales de la empresa. Los ingresos netos se destinarán principalmente a financiar una oferta de compra en efectivo concurrente de hasta 475.0 millones de dólares de notas séniores existentes al 5,625% con vencimiento en 2028 y a pagar los préstamos bajo su línea de crédito revolvente. Los fondos restantes se utilizarán para fines corporativos generales. La oferta está sujeta a las condiciones del mercado y no depende de la finalización de la oferta de compra. Las notas se ofrecerán a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S de la Ley de Valores.
Post Holdings (NYSE: POST)는 2033년에 만료되는 12억 달러 규모의 선순위 채권을 적격 구매자에게 제공할 계획을 발표했습니다. 이 채권은 보증이 없는 선순위 의무로 회사의 국내 자회사에 의해 보장됩니다. 순수익은 주로 2028년 만기 기존 5.625% 선순위 채권의 4억 7500만 달러까지의 현금 인수 제안을 지원하고, 회전 신용 시설의 차입금을 상환하는 데 사용됩니다. 남은 자금은 일반 기업 목적에 사용됩니다. 이 제안은 시장 상황에 따라 달라지며, 인수 제안의 완료에 의존하지 않습니다. 채권은 규칙 144A에 따른 적격 기관 투자자와 증권법의 규정 S에 따른 비 미국인에게 제공됩니다.
Post Holdings (NYSE: POST) a annoncé son intention d'offrir 1,200.0 millions de dollars d'obligations senior arrivant à échéance en 2033 à des acheteurs éligibles. Ces obligations seront des engagements seniors non garantis garantis par les filiales nationales de la société. Les produits nets serviront principalement à financer une offre d'achat en espèces simultanée pouvant aller jusqu'à 475,0 millions de dollars d'obligations seniors existantes à 5,625% arrivant à échéance en 2028 et à rembourser des emprunts dans le cadre de sa ligne de crédit renouvelable. Les fonds restants seront utilisés à des fins générales d'entreprise. L'offre est soumise aux conditions du marché et n'est pas conditionnée à la réalisation de l'offre d'achat. Les obligations seront offertes à des acheteurs institutionnels qualifiés conformément à la règle 144A et à des personnes non américaines selon la réglementation S de la loi sur les valeurs mobilières.
Post Holdings (NYSE: POST) hat Pläne angekündigt, 1.200,0 Millionen Dollar an ungesicherten vorrangigen Anleihen mit Fälligkeit im Jahr 2033 an berechtigte Käufer anzubieten. Diese Anleihen werden durch die inländischen Tochtergesellschaften des Unternehmens garantiert. Die Nettoerlöse werden hauptsächlich zur Finanzierung eines zeitgleichen Baraufkaufs von bis zu 475,0 Millionen Dollar bestehender 5,625% vorrangiger Anleihen mit Fälligkeit 2028 verwendet und zur Rückzahlung von Darlehen aus seiner revolvierenden Kreditfazilität. Alle verbleibenden Mittel werden für allgemeine Unternehmenszwecke verwendet. Das Angebot unterliegt den Marktbedingungen und ist nicht von der Vollziehung des Aufkaufs abhängig. Die Anleihen werden qualifizierten institutionellen Käufern gemäß Regel 144A und Nicht-US-Personen gemäß Regulation S des Wertpapiergesetzes angeboten.
- Potential refinancing of existing debt at potentially lower interest rates
- Repayment of revolving credit facility borrowings, potentially improving financial flexibility
- Opportunity for general corporate purposes funding, including acquisitions and share repurchases
- Increase in total debt by $725 million (difference between new issuance and tender offer)
- Potential increase in interest expenses depending on new notes' interest rate
- Dilution of existing noteholders' claims on company assets
Insights
Post Holdings' announcement of a
- Debt Restructuring: The company aims to refinance existing debt, potentially improving its debt profile and reducing interest expenses.
- Liquidity Enhancement: Repaying the revolving credit facility could increase financial flexibility.
- Strategic Positioning: The "general corporate purposes" clause suggests potential for acquisitions or share repurchases, indicating possible growth strategies or shareholder value initiatives.
However, investors should consider the increased debt load and its impact on the company's balance sheet. The success of this offering will largely depend on market conditions and investor appetite for Post Holdings' debt.
This debt offering by Post Holdings reflects broader market trends:
- Low Interest Rate Environment: Companies are capitalizing on favorable borrowing conditions to refinance or raise new capital.
- Industry Consolidation: The potential for acquisitions aligns with ongoing consolidation in the food industry.
- Investor Sentiment: The success of this
$1.2 billion offering will be a barometer for investor confidence in Post Holdings and the packaged food sector.
While the move could provide financial flexibility, it's important to monitor how Post Holdings utilizes these funds. Effective deployment could strengthen its market position, but poor execution could strain its financial health.
The Company intends to use the net proceeds from the Notes offering for purposes of financing its concurrent cash tender offer (the "Tender Offer") for up to
The Notes and the related subsidiary guarantees are being offered to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-
This press release is not an offer to sell or a solicitation of an offer to buy any security, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. This press release is not a tender offer for any of the Company's
Cautionary Statement on Forward-Looking Language
Forward-looking statements, within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, are made throughout this press release, including statements regarding the anticipated terms of the Notes being offered, the completion, timing and size of the offering, the intended use of the net proceeds of the offering and the Tender Offer. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may," "would" or the negative of these terms or similar expressions elsewhere in this press release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, unanticipated developments that prevent, delay or negatively impact the offering or the Tender Offer and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's cautionary statements contained in its filings with the Securities and Exchange Commission. The Company may not consummate the offering as described in this press release and, if the offering is consummated, cannot provide any assurance regarding the final terms of the offering or the Notes or its ability to effectively apply the net proceeds as described above. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. There can be no assurance that the proposed offering or the Tender Offer will be completed as anticipated or at all.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in
Contact:
Investor Relations
Daniel O'Rourke
daniel.orourke@postholdings.com
(314) 806-3959
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SOURCE Post Holdings, Inc.
FAQ
What is the size of Post Holdings' new senior notes offering in August 2024?
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Are the new senior notes offered by Post Holdings in August 2024 secured?
Who are the eligible purchasers for Post Holdings' August 2024 senior notes offering?
