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Campbell launches offers for up to $1B notes

Campbell Soup Co. on Jan. 8 launched debt tender offers to purchase up to $1.0 billion combined aggregate principal amount of its 3.30% senior notes due 2021, 3.80% senior notes due 2042, 3.65% senior notes due 2023, 3.95% senior notes due 2025, 3.30% senior notes due 2025 and 4.15% senior notes due 2028.

The canned soup maker is offering to purchase for cash up to $300 million of its 3.30% senior notes due 2021, up to $400 million of its 3.65% senior notes due 2023, up to $300 million of its 3.95% senior notes due 2025, and up to $50 million of its 4.15% senior notes due 2028. It did not set series tender caps for its 3.80% senior notes due 2042 and 3.30% senior notes due 2025.

The offers include an early tender premium of $30 per $1,000 principal amount of notes if holders validly tender their notes before 5 p.m. ET on Jan. 22. The offers will expire at 11:59 p.m. ET on Feb. 5.

BofA Securities, Citigroup, BNP Paribas and JPMorgan are acting as lead dealer managers for the offers.