Mars Raises $1 Billion Private Debt in Prelude to Larger Bond
- US confectioner raises money denominated in sterling, dollars
- Mars looks to refinance $29 billion bridge for Kellanova deal
Mars is known for brands like Skittles and M&Ms.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Mars Inc. is borrowing the equivalent of $1 billion through privately-placed bonds, people with knowledge of the matter said, as it begins to repay bank loans it took out to help buy foodmaker Kellanova.
The high-grade private debt, denominated in sterling and dollars, was offered to institutional investors in tranches due in five, nine and 14 years, said the people, who declined to comment publicly as the matter is private.