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Post Holdings Announces Pricing of Senior Notes Offering

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Post Holdings (NYSE:POST) has priced a $600 million offering of 6.250% senior notes due 2034, an increase from the previously announced $500 million. The notes, expected to close on October 9, 2024, will be unsecured senior obligations guaranteed by Post's domestic subsidiaries. Proceeds will be used to redeem all outstanding 5.625% senior notes due 2028 and for general corporate purposes, which may include acquisitions, share repurchases, debt retirement, capital expenditures, and working capital. The offering is made to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the U.S. without registration or exemption.

Post Holdings (NYSE:POST) ha fissato un prestito di 600 milioni di dollari con un tasso del 6,250% di obbligazioni senior in scadenza nel 2034, un aumento rispetto ai precedenti 500 milioni annunciati. Le obbligazioni, la cui chiusura è prevista per il 9 ottobre 2024, saranno obbligazioni senior non garantite, garantite dalle filiali nazionali di Post. Il ricavato sarà utilizzato per rimborsare tutte le obbligazioni senior 5,625% in scadenza nel 2028 e per scopi aziendali generali, che possono includere acquisizioni, riacquisti di azioni, estinzione di debiti, spese in conto capitale e capitale circolante. L'offerta è destinata a acquirenti istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi della Regolamentazione S del Securities Act. Le obbligazioni non sono state registrate ai sensi del Securities Act e non possono essere offerte o vendute negli Stati Uniti senza registrazione o esenzione.

Post Holdings (NYSE:POST) ha fijado una emisión de 600 millones de dólares de notas senior al 6.250% con vencimiento en 2034, un aumento respecto a los 500 millones previamente anunciados. Se espera que el cierre de las notas sea el 9 de octubre de 2024; estas serán obligaciones senior no garantizadas garantizadas por las filiales nacionales de Post. Los ingresos se utilizarán para canjear todas las notas senior del 5.625% con vencimiento en 2028 y para fines corporativos generales, que pueden incluir adquisiciones, recompra de acciones, amortización de deudas, gastos de capital y capital de trabajo. La oferta se realiza a compradores institucionales cualificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S de la Ley de Valores. Las notas no han sido registradas bajo la Ley de Valores y no pueden ser ofrecidas o vendidas en los EE. UU. sin registro o exención.

포스트 홀딩스 (NYSE:POST)는 2034년 만기 6.250%의 시니어 채권 6억 달러 발행 가격을 책정했습니다, 이는 이전에 발표된 5억 달러에서 증가한 금액입니다. 2024년 10월 9일에 마감될 예정인 이 채권은 포스트의 국내 자회사가 보증하는 무보증 시니어 채무입니다. 모금된 자금은 2028년 만기 5.625%의 모든 채권 상환에 사용될 것입니다 및 인수, 자사주 매입, 부채 상환, 자본 지출 및 운영 자본 등 일반 기업 목적에 사용됩니다. 이 발행은 144A 규정에 따라 자격 있는 기관 구매자에게 제공되며, 미국 외의 개인에게는 증권법의 규정 S에 따라 제공됩니다. 이 채권은 증권법에 등록되지 않았으며 등록이나 면제 없이 미국에서 제공되거나 판매될 수 없습니다.

Post Holdings (NYSE:POST) a fixé une offre de 600 millions de dollars d'obligations senior à 6,250% arrivant à échéance en 2034, une augmentation par rapport au 500 millions précédemment annoncés. Les obligations, dont la clôture est prévue pour le 9 octobre 2024, seront des obligations senior non garantées, garanties par les filiales nationales de Post. Les produits seront utilisés pour racheter toutes les obligations senior de 5,625% arrivant à échéance en 2028 et pour des besoins d'entreprise généraux, pouvant inclure des acquisitions, des rachats d'actions, le remboursement de dettes, des dépenses d'investissement et du fonds de roulement. L'offre est destinée aux acheteurs institutionnels qualifiés en vertu de la règle 144A et aux personnes non américaines en vertu de la réglementation S de la loi sur les valeurs mobilières. Les obligations n'ont pas été enregistrées en vertu de la loi sur les valeurs mobilières et ne peuvent pas être offertes ou vendues aux États-Unis sans enregistrement ou exemption.

Post Holdings (NYSE:POST) hat eine Anleihe von 600 Millionen US-Dollar mit 6,250% Zinssatz und Fälligkeit im Jahr 2034 festgelegt, eine Erhöhung der zuvor angekündigten 500 Millionen. Die Anleihen, deren Abschluss für den 9. Oktober 2024 geplant ist, werden ungesicherte senior Verpflichtungen sein, die von den inländischen Tochtergesellschaften von Post garantiert werden. Die Erlöse werden verwendet, um alle ausstehenden 5,625% Senior Notes mit Fälligkeit 2028 zurückzukaufen und für allgemeine Unternehmenszwecke, die Übernahmen, Aktienrückkäufe, Schuldenabbau, Investitionen und Betriebsfinanzierung umfassen können. Das Angebot richtet sich an qualifizierte institutionelle Käufer gemäß Regel 144A und an ausländische Personen gemäß der Regulierung S des Wertpapiergesetzes. Die Anleihen wurden nicht unter dem Wertpapiergesetz registriert und dürfen in den USA ohne Registrierung oder Ausnahme nicht angeboten oder verkauft werden.

Positive
  • Successful pricing of $600 million senior notes offering, increased from initial $500 million
  • Proceeds to be used for redeeming existing debt and general corporate purposes
  • Potential for strategic investments, acquisitions, or share repurchases with remaining proceeds
Negative
  • Increase in long-term debt with new 6.250% senior notes due 2034
  • Potential dilution if proceeds are used for acquisitions

Insights

Post Holdings' announcement of pricing $600 million in senior notes at 6.250% due 2034 is a significant financial move. The upsized offering from the initial $500 million suggests strong investor demand. This debt refinancing strategy aims to replace the existing 5.625% notes due 2028 with a longer-term, albeit higher-rate, obligation.

The new notes' higher interest rate reflects the current market conditions and potentially Post's credit profile. While this will increase interest expenses, extending the maturity to 2034 improves the company's debt structure and provides financial flexibility. The additional $100 million raised could support strategic initiatives like acquisitions or share repurchases, potentially driving growth or shareholder value.

Investors should note that this refinancing doesn't significantly alter Post's overall debt load but does impact its future cash flows. The market's reception of this offering may provide insights into investor confidence in Post's long-term prospects and the packaged foods sector generally.

ST. LOUIS, Sept. 25, 2024 /PRNewswire/ -- Post Holdings, Inc. (NYSE:POST) (the "Company" or "Post") today announced the pricing of its previously announced senior notes offering. The Company priced $600.0 million in aggregate principal amount of 6.250% senior notes due 2034 at par (the "Notes"), representing an increase from the previously announced offering size of $500.0 million in aggregate principal amount of Notes. The Notes offering is expected to close on October 9, 2024, subject to customary closing conditions. The Notes will be unsecured, senior obligations of the Company and will be guaranteed by the Company's existing and subsequently acquired or organized domestic subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries designated as unrestricted subsidiaries).

The Company intends to use the net proceeds from the Notes offering to pay the costs, fees and expenses associated with the Notes offering and to redeem all of the Company's outstanding 5.625% senior notes due 2028, including payment of any premiums, fees, costs and expenses associated therewith. To the extent there are any remaining net proceeds, the Company intends to use such proceeds for general corporate purposes, which could include, among other things, acquisitions, share repurchases, retirement or repayment of existing debt, capital expenditures and working capital. The final terms and amounts of the Notes are subject to market and other conditions and may be materially different than expectations. The offering is not conditioned upon the consummation of the redemption of the Company's 5.625% senior notes due 2028, which is expected to occur on or after December 1, 2024.

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-U.S. persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related subsidiary guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

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 notice of redemption with respect to the Company's 5.625% senior notes due 2028.

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 completion of the offering, timing, the expected amount and intended use of the net proceeds of the offering and the expected timing of the redemption of the Company's 5.625% senior notes due 2028. 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 redemption 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 assurances regarding 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 offering or the redemption of the Company's 5.625% senior notes due 2028 will be completed as anticipated or at all.

About Post Holdings, Inc.

Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories.

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 and interest rate of Post Holdings' new senior notes offering?

Post Holdings (NYSE:POST) has priced a $600 million offering of 6.250% senior notes due 2034.

When is the closing date for Post Holdings' senior notes offering?

The senior notes offering is expected to close on October 9, 2024, subject to customary closing conditions.

How will Post Holdings use the proceeds from the senior notes offering?

Post Holdings intends to use the proceeds to redeem all outstanding 5.625% senior notes due 2028 and for general corporate purposes, which may include acquisitions, share repurchases, debt retirement, capital expenditures, and working capital.

Are Post Holdings' new senior notes registered under the Securities Act?

No, the new senior notes and related subsidiary guarantees have not been registered under the Securities Act and are being offered to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

POST HOLDINGS, INC.

NYSE:POST

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6.45B
58.43M
19.4%
93.12%
2.94%
Packaged Foods
Grain Mill Products
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United States of America
ST. LOUIS