General Mills launches $750 million debt tender offer

General Mills announced on October 5, 2026, that it has commenced cash tender offers to repurchase seven separate series of its senior notes. The offers are capped at an aggregate tender consideration of up to $750 million, excluding accrued and unpaid interest. A separate sub-cap of $250 million applies collectively to its 4.550% senior notes due 2038, 2.875% senior notes due 2030, and 5.400% senior notes due 2040.

The consideration for each $1,000 principal amount of notes will be determined at 3:00 p.m. New York City time on October 9, 2026, based on a fixed spread plus the yield on designated reference securities. The tender offers are scheduled to expire at 5:00 p.m. New York City time on that same day, with settlement expected on October 14, 2026. Accepted notes will also receive accrued and unpaid interest up to, but excluding, the settlement date.

Purchases will follow an acceptance priority level ranging from 1 to 7, and General Mills may apply proration to any series if tenders exceed the caps. The company may also increase the volume accepted by up to 2% of the outstanding notes of an applicable series without extending the offer. BofA Securities, Citigroup Global Markets, and Morgan Stanley are acting as dealer managers, while D.F. King & Co. serves as the tender and information agent.