Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
March 05 2024 - 5:00PM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration Statement Number 333-268693
March 5, 2024
HORMEL FOODS CORPORATION
Pricing Term Sheet
HORMEL FOODS CORPORATION
$500,000,000 4.800% Notes due 2027 (the “Notes”)
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Pricing Term Sheet |
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Issuer: |
Hormel Foods Corporation |
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Security: |
$500,000,000 4.800% Notes due 2027 |
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Security Type: |
SEC Registered |
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Expected Ratings1: |
A1 (Negative Outlook, Moody’s) / A- (Stable Outlook, S&P) |
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Trade Date: |
March 5, 2024 |
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Settlement Date*: |
March 8, 2024 (T+3) |
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Aggregate Principal Amount: |
$500,000,000 |
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Stated Maturity: |
March 30, 2027 |
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Coupon (Interest Rate): |
4.800% per annum, accruing from March 30, 2024 (calculated on the basis of a 360-day year consisting of twelve 30-day months) |
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Interest Payment Dates: |
March 30 and September 30, commencing September 30, 2024 |
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Benchmark Treasury: |
4.125% due February 15, 2027 |
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Benchmark Treasury Price / Yield: |
99-13 ¾ / 4.333% |
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Spread to Benchmark Treasury: |
50 basis points |
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Yield to Maturity: |
4.833% |
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Price to Public: |
99.903% of principal amount |
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Underwriting Discount: |
0.350% of principal amount |
1 A securities rating is not a recommendation to buy,
sell or hold securities and may be subject to revision or withdrawal at any time.
Optional Redemption: |
On or after the Par Call Date for the Notes, the Issuer may redeem the Notes in whole at any time or in part from time to time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed.
The Par Call Date is February 28, 2027 (one month prior to the maturity date of the Notes).
At any time prior to the Par Call Date, the Issuer may, at its option, redeem the Notes in whole at any time or in part from time to time at the redemption price equal to the greater of:
(i) 100% of the principal amount of the Notes to be redeemed; and
(ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Notes matured on the Par Call Date (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Prospectus Supplement), plus 10 basis points. |
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CUSIP / ISIN: |
440452AK6 / US440452AK64 |
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Joint Book-Running Managers: |
BofA Securities, Inc.
J.P. Morgan Securities LLC
U.S. Bancorp Investments, Inc.
Wells Fargo Securities, LLC |
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Co-Managers: |
Siebert Williams Shank &Co., LLC
Barclays Capital Inc.
PNC Capital Markets LLC |
*It is expected that delivery of the Notes will be made against
payment thereof on or about March 8, 2024, which will be the third business day following the date of the pricing of the Notes (such
settlement being referred to as “T+3”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are
generally required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
who wish to trade Notes prior to the second business day preceding the delivery of the offered Notes will be required, by virtue of the
fact that the Notes will initially settle in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent
a failed settlement.
The issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement if you request it by calling
BofA Securities, Inc. at 1-800-294-1322, J.P. Morgan Securities LLC at 1-212-834-4533, U.S. Bancorp Investments, Inc. at 1-877-558-2607
or Wells Fargo Securities, LLC at 1-800-645-3751.
Any disclaimer or other notice that may appear below is not applicable
to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication
being sent by Bloomberg or another email system.
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