Kraft Heinz to Buy Back Up to $2.8 Billion of Debt
- Company plans to reduce debt load as pandemic abates
- Buyback comes after company closes on sale of Planters brand
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Kraft Heinz Co. is buying back as much as $2.8 billion of its bonds as the junk-rated company looks to further cut its debt load after closing on the sale of its nuts business.
The company launched a tender offer Monday to repurchase as many as 10 individual notes with maturities ranging from 2028 to 2042. It’s at least the second debt buyback for the company this year, after a $1 billion transaction in March.