Lamb Weston Announces Pricing of Private Offering of $970,000,000 of Senior Notes due 2030 and $700,000,000 of Senior Notes due 2032
October 19 2021 - 5:54PM
Business Wire
Lamb Weston Holdings, Inc. (NYSE: LW) (referred to as
“Lamb Weston” or the “Company”) announced today that
it has priced the previously announced offering of a total of
$970.0 million aggregate principal amount of its 4.125% senior
notes due 2030 (the “2030 Notes”) and $700.0 million
aggregate principal amount of its 4.375% senior notes due 2032 (the
“2032 Notes” and, together with the 2030 Notes, the
“Notes”) in a private offering that is exempt from the
registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”). The aggregate principal amount of
the offering of 2030 Notes was increased from the previously
announced offering size of $835.0 million of 2030 Notes. The
aggregate principal amount of the offering of 2032 Notes was
decreased from the previously announced offering size of $835.0
million of 2032 Notes. The Notes will be guaranteed by the
Company’s material domestic subsidiaries. The closing of the
offering of the Notes is expected to occur on or about November 8,
2021, subject to customary closing conditions.
The Company intends to use the net proceeds of the issuance of
the Notes, together with available cash, to redeem all of its
outstanding 4.625% Senior Notes due 2024 and 4.875% Senior Notes
due 2026.
This is not an offer to sell or the solicitation of an offer to
buy any securities. The Notes and related guarantees are being
offered and sold only to persons reasonably believed to be
qualified institutional buyers in reliance on the exemption from
registration set forth in Rule 144A under the Securities Act, and
outside the United States to non-U.S. persons in reliance on the
exemption from registration set forth in Regulation S under the
Securities Act. The Notes and the related guarantees have not been
registered under the Securities Act, or the securities laws of any
state or other jurisdiction, and may not be offered or sold in the
United States without registration or an applicable exemption from
the Securities Act and applicable state securities or blue sky laws
and foreign securities laws. This press release does not constitute
a notice of redemption with respect to the Company’s 4.625% Senior
Notes due 2024 or 4.875% Senior Notes due 2026.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Words such as “expect,”
“will,” “intend,” “redeem,” and variations of such words and
similar expressions are intended to identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, statements regarding the sale of the Notes and the
redemption of certain of the Company’s existing notes. These
forward-looking statements are based on management’s current
expectations and are subject to uncertainties and changes in
circumstances. Readers of this press release should understand that
these statements are not guarantees of performance or results. Many
factors could affect the Company’s actual financial results and
cause them to vary materially from the expectations contained in
the forward-looking statements, including those set forth in this
press release. These risks and uncertainties include, among other
things: impacts on the Company’s business due to health pandemics
or other contagious outbreaks, such as the COVID-19 pandemic,
including impacts on demand for its products, increased costs,
disruption of supply or other constraints in the availability of
key commodities and other necessary services; the availability and
prices of raw materials; levels of pension, labor and
people-related expenses; the Company’s ability to successfully
execute its long-term value creation strategies; the Company’s
ability to execute on large capital projects, including
construction of new production lines or facilities; the competitive
environment and related conditions in the markets in which the
Company and its joint ventures operate; political and economic
conditions of the countries in which the Company and its joint
ventures conduct business and other factors related to its
international operations; disruption of the Company’s access to
export mechanisms; risks associated with possible acquisitions,
including the Company’s ability to complete acquisitions or
integrate acquired businesses; its debt levels; changes in the
Company’s relationships with its growers or significant customers;
the success of the Company’s joint ventures; actions of governments
and regulatory factors affecting the Company’s businesses or joint
ventures; the ultimate outcome of litigation or any product
recalls; the Company’s ability to pay regular quarterly cash
dividends and the amounts and timing of any future dividends; and
other risks described in the Company’s reports filed from time to
time with the Securities and Exchange Commission. The Company
cautions readers not to place undue reliance on any forward-looking
statements included in this press release, which speak only as of
the date of this press release. The Company undertakes no
responsibility for updating these statements, except as required by
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211019006222/en/
Investor Relations: Dexter Congbalay 224-306-1535
Dexter.Congbalay@lambweston.com
Media: Shelby Stoolman 208-424-5461
Shelby.Stoolman@lambweston.com
Lamb Weston (NYSE:LW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lamb Weston (NYSE:LW)
Historical Stock Chart
From Jul 2023 to Jul 2024