ORRVILLE, Ohio, Sept. 21, 2021 /PRNewswire/ -- The J.M.
Smucker Co. (NYSE: SJM) (the "Company") today announced the
pricing of $500 million aggregate principal amount of
2.125% notes due 2032 (the "2032 Notes") and $300
million aggregate principal amount of 2.750% notes due 2041
(the "2041 Notes" and, together with the 2032 Notes, the
"Notes").
The sale of the Notes is expected to close on September 24,
2021, and is pursuant to an underwriting agreement
dated September 21, 2021 between the Company and BofA
Securities, Inc. and J.P. Morgan Securities LLC, as representatives
of the underwriters.
The expected net proceeds from the offering of the Notes will be
approximately $792.1 million, after deducting the underwriting
discount but before deducting the Company's expenses related to the
offering. The Company intends to use the net proceeds from the
offering of the Notes to repay, redeem or refinance $750.0
million in principal amount of its unsecured senior notes
due October 15, 2021, which bear interest at 3.50%, together
with accrued and unpaid interest, and for general corporate
purposes, which could include, but are not limited to, repayments
of other outstanding debt (including the repayment of commercial
paper outstanding), capital expenditures or working capital.
The Company has filed a registration statement on Form S-3
(including a prospectus) (the "Registration Statement") with the
Securities and Exchange Commission for this offering. Before
investing, investors should read the prospectus in the Registration
Statement and the prospectus supplement and other documents the
Company has filed or will file with the Securities and Exchange
Commission for more complete information about the Company and the
offering. These documents may be obtained for free by
visiting EDGAR on the Securities and Exchange Commission's
website. Alternatively, a copy of the prospectus and
prospectus supplement relating to the Notes can be obtained from
BofA Securities, Inc. at 200 North College Street,
NC1-004-03-43, Charlotte, NC 28255-0001, Attention:
Prospectus Department, toll-free at (800) 294-1322, or by email at
dg.prospectus_requests@baml.com; or from J.P. Morgan Securities LLC
at 383 Madison Avenue, New York, NY 10179, Attention:
Investment Grade Syndicate Desk, or by telephone collect at
1-212-834-4533.
About The J.M. Smucker Co.
Each generation of consumers leaves their mark on culture
by establishing new expectations for food and the companies that
make it. At The J.M. Smucker Co., it is our privilege to be at the
heart of this dynamic with a diverse portfolio that appeals to each
generation of people and pets and is found in nearly 90 percent of
U.S. homes and countless restaurants. This includes a mix of iconic
brands consumers have always loved such
as Folgers®, Jif® and Milk-Bone® and
new favorites like Café Bustelo®,
Smucker's® Uncrustables® and Rachael
Ray® Nutrish®. By continuing to immerse
ourselves in consumer preferences and acting responsibly, we will
continue growing our business and the positive impact we have on
society.
The J.M. Smucker Co. is the owner of all trademarks referenced
herein except for Rachael
Ray®, a registered trademark of Ray Marks II LLC, which
is used under license.
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SOURCE The J.M. Smucker Co.