Simpson Thacher Represents the Initial Purchasers in $6 Billion Debt Offering by Kraft Foods Group, Inc.
06.06.12
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The Firm recently represented the initial purchasers, led by Barclays, Citigroup, Goldman, Sachs & Co., J.P. Morgan, RBS, Credit Suisse, Deutsche Bank Securities, HSBC and Wells Fargo Securities, in the Rule 144A/Regulation S offering of $6 billion aggregate principal amount of notes of Kraft Foods Group, Inc. (“Kraft Foods Group”). The notes will be initially guaranteed by Kraft Foods Inc. (“Kraft”), which guarantee will be automatically released upon the completion of Kraft’s spin-off of Kraft Foods Group to its shareholders.
Upon completion of the spin-off, Kraft Foods Group will be one of the largest consumer packaged food and beverage companies in North America and one of the largest worldwide among publicly traded consumer packaged food and beverage companies, based on 2011 combined net revenues of $18.7 billion. Kraft Foods Group manufactures and markets food and beverage products, including convenient meals, refreshment beverages and coffee, cheese and other grocery products, primarily in the United States and Canada, under a host of iconic brands, including three brands with annual net revenues exceeding $1 billion each – Kraft cheeses, dinners and dressings; Oscar Mayer meats; and Maxwell House coffees – plus over 20 brands with annual net revenues of between $100 million and $1 billion each.
The Simpson Thacher team for the transaction included Andy Keller, Brian E. Rosenzweig and Alejandro de Ramon-Laca (Capital Markets); Jonathan Cantor and Adam Wells (Tax); Alvin Brown (Executive Compensation and Employee Benefits); Mindy Lok (Intellectual Property); and Jennie Getsin (Blue Sky). Summer Associate Michael Carnevale also provided valuable assistance.