J.M. Smucker Co. is tapping the investment-grade corporate bond market on Wednesday with a deal to finance its acquisition of Twinkies and HoHos maker Hostess Brands Inc.
The company is planning a four-tranche deal, according to a regulatory filing, comprised of five-year, 10-year, 20-year and 30-year fixed rate notes, according to market sources. Smucker is rated Baa3 by Moody’s and BBB by S&P Global Ratings. The company will pay Hostess shareholders $30.00 in cash and 0.03002 J.M. Smucker shares for each Hostess share they own. That valued Hostess shares at $34.25 each, or a 21.8% premium over the prior session’s closing price when the deal was announced.
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