Press release
Kraft Heinz Announces Upsize of Previously Announced Cash Tender Offer for $1.2 Billion to an Aggregate Purchase Price of $2.2 Billion and Additional Notes to be Purchased
PITTSBURGH & CHICAGO--(BUSINESS WIRE)-- The Kraft Heinz Company (“Kraft Heinz”) (Nasdaq: KHC) announced today that, in addition to the previously announced
About this update from The Kraft Heinz Company
[{"type":"text","content":" PITTSBURGH & CHICAGO--(BUSINESS WIRE)--\nThe Kraft Heinz Company (“Kraft Heinz”) (Nasdaq: KHC) announced today that, in addition to the previously announced purchase of its outstanding Floating Rate Senior Notes due February 2021 (the “February 2021 Notes”), 3.500% Senior Notes due June 2022 (the “June 2022 Notes”), 3.500% Senior Notes due July 2022 (the “July 2022 Notes”), Floating Rate Senior Notes due August 2022 (the “August 2022 Notes”), and 4.000% Senior Notes due June 2023 (the “June 2023 Notes,” and together with the February 2021 Notes, the June 2022 Notes, the July 2022 Notes, and the August 2022 Notes, the “Original Notes”), it intends to purchase its outstanding 3.950% Senior Notes due July 2025 (the “July 2025 Notes”) and 3.000% Senior Notes due June 2026 (the “June 2026 Notes,” and together with the July 2025 Notes and the Original Notes, the “Notes,” and each, a “Series” of Notes). Additionally, Kraft Heinz announced that it is increasing the maximum combined aggregate price (the “Maximum Tender Amount”) to be purchased by the Issuer pursuant to its previously announced offer to purchase for cash (the “Tender Offer”) to $2.2 billion, excluding accrued and unpaid interest, from the previously announced Maximum Tender Amount of $1.2 billion. Kraft Heinz also announced that it is amending the condition that the Issuer complete a private offering (the “Offering”) of debt securities on terms and subject to conditions reasonably satisfactory to Kraft Heinz, as well as other customary conditions, to provide that the minimum net proceeds from such Offering be at least $2,500,000,000 (the “Financing Condition”).\n\n\nSubject to the Maximum Tender Amount, the amount of a Series of Notes that is purchased in the Tender Offer, including the July 2025 Notes and the June 2026 Notes, will be based on the Acceptance Priority Levels set forth below.\n\n\nThe Tender Offer is being made on the terms and subject to the conditions set forth in the offer to purchase dated May 4, 2020, as amended by a supplement dated May 4, 2020 (together, the “Offer to Purchase”). The Issuer’s obligations to accept for purchase and to pay for any of the Notes in the Tender offer is subject to the satisfaction or waiver of certain conditions, including the Financing Condition. Capitalized terms used herein but not otherwise defined shall have the mean...