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General Mills Announces Final Results of Its Debt Tender Offer

  //house-home.news-articles.net/content/2010/05/1 .. nces-final-results-of-its-debt-tender-offer.html
  Published in House and Home on Tuesday, May 11th 2010 at 11:20 GMT by Market Wire
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MINNEAPOLIS--([ BUSINESS WIRE ])--General Mills (NYSE: GIS) today announced the final results for its previously announced modified aDutch Auctiona cash tender offer for up to $400 million aggregate principal amount of its 6.000% Notes due 2012 (the a6.000% Notesa) and 5.650% Notes due 2012 (the a5.650% Notesa). The tender offer expired at 12:00 midnight, New York City time, on May 10, 2010. As of the expiration date, General Mills received tenders for $292 million aggregate principal amount of its 6.000% Notes and $252.3 million aggregate principal amount of its 5.650% Notes. Based on the tender cap and the proration term of the tender offer, General Mills accepted $220.8 million and $179.2 million aggregate principal amount of the 6.000% Notes and 5.650% Notes, respectively, resulting in aggregate consideration of $437 million (plus an additional $4.9 million in aggregate accrued interest).

Based on the terms of the tender offer, General Mills determined the clearing spreads, reference yields, tender yields, total consideration and accrued interest per $1,000 principal amount of the notes as follows:

Holders who validly tendered and did not withdraw their notes on or prior to 12:00 midnight, New York City time, on April 26, 2010 (the aearly participation datea), and whose notes were purchased pursuant to the tender offer, will receive the total consideration for such notes. Holders who validly tendered their notes after the early participation date, but prior to the expiration date, and whose notes were purchased pursuant to the tender offer, will receive the total consideration for such notes, less an early participation amount of $30.00 per $1,000 principal amount of notes. In addition, General Mills will pay accrued interest on the notes purchased pursuant to the tender offer.

Payment for notes tendered and accepted for purchase will be made today, and all other notes tendered but not accepted for purchase will be returned to holders. Notes tendered at spreads higher than the clearing spread (lower price) were accepted in full. Notes tendered at the clearing spread, have been prorated based on a proration factor of .2988.

This announcement is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase any notes. The tender offer was made solely pursuant to an Offer to Purchase and related documents. The tender offer was not made in any jurisdiction in which the making of or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

BofA Merrill Lynch and Goldman, Sachs & Co. acted as Dealer Managers for the tender offer. Global Bondholder Services Corp. acted as the Information Agent and Depositary for the tender offer.

About General Mills

One of the world's leading food companies, General Mills operates in more than 100 countries and markets more than 100 consumer brands, including Cheerios, Hagen-Dazs, Nature Valley, Betty Crocker, Pillsbury, Green Giant, Old El Paso, Progresso, Cascadian Farm, Muir Glen, and more. Headquartered in Minneapolis, Minnesota, USA, General Mills had fiscal 2009 global net sales of US$14.7 billion.