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Kraft Heinz prices upsized $2.5B cash tender offer

The Kraft Heinz Co. on Sept. 25 priced its previously announced cash tender offering of its outstanding notes, which it upsized to $2.5 billion from the initially planned $1 billion offering.

The packaged food producer is offering to purchase for cash its outstanding 3.500% senior notes due June 2022, 3.500% senior notes due July 2022, 4.000% senior notes due 2023 and 4.875% second lien senior secured notes due 2025.

As of Sept. 24, Kraft Heinz said it accepted for purchase $880.6 million of its $2 billion 3.500% June 2022 senior notes for a total consideration of $1,026.61 per $1,000 principal amount; $554.1 million of its $1 billion 3.500% July 2022 senior notes for a total consideration of $1,026.08 per $1,000 principal amount; $761.9 million of its $1.60 billion 4.000% senior notes for a total consideration of $1,045.36 per $1,000 principal amount; and $223.7 million of its $1.20 billion 4.875% second lien senior secured notes for a total consideration of $1,032.17 per $1,000 principal amount.

The notes are expected to settle Sept. 26. The tender offer will expire at 11:59 p.m. ET on Oct. 8, unless extended or earlier terminated.

Kraft Heinz has tapped BofA Merrill Lynch, Citigroup, Goldman Sachs & Co. LLC and J.P. Morgan to act as dealer managers in the offering.