Consumer
Mars Preparing to Sell Bonds Early Next Year for Kellanova Deal
- Offering might come in December, but issuance window is tight
- Mars lined up a $29 billion bridge loan from Citi, JPMorgan
The Mars/Kellanova deal is one of the few investment-grade acquisitions that will need debt financing in coming months.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Mars Inc. is readying an investment-grade bond sale for early next year to help fund its planned $36 billion acquisition of fellow foodmaker Kellanova, according to people familiar with the matter.
The issuance could occur in December, but it’s more likely to happen in the new year, said one of the people, who like the others asked not to be identified as the matter is private. Mars lined up a $29 billion bridge loan in August from Citigroup Inc. and JPMorgan Chase & Co. to help finance the purchase, which is being targeted to close in the first half of 2025.