NEW YORK – General Mills Inc. has sold €900 million ($965 million) in unsecured bonds, taking advantage of low long-term rates to repay a portion of the company’s commercial paper obligations and for general corporate purposes.
Moody’s Investors Service, Inc. on April 20 assigned an A3 rating to the notes. Moody’s said the company’s rating outlook is stable.
The General Mills debt was issued in two tranches, including €500 million 1.00% notes due 2023 and €400 million 1.5% notes due 2027. As of February 2015, General Mills long-term debt totaled $6.5 billion.
General Mills is paying about 0.35% on its commercial paper obligations.