Press release
Kraft Heinz Commences Cash Tender Offer for Up To $1.2 Billion Aggregate Purchase Price of Certain of its Outstanding Notes
PITTSBURGH & CHICAGO--(BUSINESS WIRE)-- The Kraft Heinz Company (“Kraft Heinz”) (Nasdaq: KHC) announced today that its 100% owned subsidiary Kraft Heinz
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 its 100% owned subsidiary Kraft Heinz Foods Company (the “Issuer”) has commenced an offer to purchase for cash (the “Tender Offer”) up to the maximum combined aggregate purchase price of $1.2 billion, excluding accrued and unpaid interest (the “Maximum Tender Amount”) 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 “Notes,” and each, a “Series” of Notes). Subject to the Maximum Tender Amount, the amount of a Series of Notes that is purchased in the Tender Offer will be based on the Acceptance Priority Levels set forth below. The Tender Offer is being made on the terms and subject to the conditions set forth in the offer to purchase dated May 4, 2020 (the “Offer to Purchase”). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed thereto in the Offer to Purchase.\n\n\nConsummation of the Tender Offer and payment for the tendered Notes is subject to the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the completion by the Issuer of a private offering of the Issuer’s debt securities (the “Offering”) that commenced concurrently with the Tender Offer, with net proceeds in an amount equal to at least $1.5 billion, on terms and subject to conditions reasonably satisfactory to Kraft Heinz, as well as other customary conditions. Subject to applicable law, the Issuer has reserved the absolute right, in its sole discretion, to at any time (i) waive any and all conditions to the Tender Offer, (ii) extend, terminate or withdraw the Tender Offer, (iii) increase or waive the Maximum Tender Amount, with or without extending the Withdrawal Deadline or (iv) otherwise amend the Tender Offer in any respect.\n\n\nThe Issuer intends to use excess proceeds from the Offering not used to purchase Notes in the Tender Offer to fund the redemption in full of the I...