ORRVILLE, Ohio, March 4, 2020 /PRNewswire/ -- The J. M. Smucker
Company (NYSE: SJM) (the "Company") today announced the
pricing of $500 million aggregate principal amount of
2.375% notes due 2030 (the "2030 Notes") and $300
million aggregate principal amount of 3.550% notes due 2050
(the "2050 Notes" and, together with the 2030 Notes, the
"Notes").
The sale of the Notes is expected to close on March 9,
2020, and is pursuant to an underwriting agreement dated March
4, 2020 between the Company and BofA Securities, Inc. and J.P.
Morgan Securities LLC, as representatives of the
underwriters.
The expected net proceeds from the offering of the Notes will be
approximately $792.4 million, after deducting the underwriting
discount but before deducting the Company's expenses related to the
offering. The Company intends to use the net proceeds from the
offering of the Notes to repay, redeem or refinance $500.0
million in principal amount of its unsecured senior notes
due March 15, 2020, which bear interest at 2.50%, together
with accrued and unpaid interest, and for general corporate
purposes, which could include, but are not limited to, repayments
of other outstanding debt (including the repayment of commercial
paper outstanding), capital expenditures or working capital.
The Company has filed a registration statement on Form S-3
(including a prospectus) (the "Registration Statement") with the
Securities and Exchange Commission for this offering. Before
investing, investors should read the prospectus in the Registration
Statement and the prospectus supplement and other documents the
Company has filed or will file with the Securities and Exchange
Commission for more complete information about the Company and the
offering. These documents may be obtained for free by
visiting EDGAR on the Securities and Exchange Commission's
website. Alternatively, a copy of the prospectus and
prospectus supplement relating to the Notes can be obtained from
BofA Securities, Inc. at 200 North College Street,
NC1-004-03-43, Charlotte NC 28255-0001, Attention:
Prospectus Department, toll-free at (800) 294-1322, or by email at
dg.prospectus_requests@baml.com; or from J.P. Morgan Securities LLC
at 383 Madison Avenue, New York, NY 10179, Attention:
Investment Grade Syndicate Desk, or by telephone collect at
1-212-834-4533.
About The J. M. Smucker Company
Inspired by more than 120 years of business success and five
generations of family leadership, The J. M. Smucker Company makes
food that people and pets love. The Company's portfolio of 40+
brands, which are found in 90 percent of U.S. homes and countless
restaurants, include iconic products consumers have always loved
such as Folgers®, Jif®, and
Milk-Bone® plus new favorites like Café
Bustelo®, Smucker's®
Uncrustables®, and Rachael Ray™ Nutrish®.
Over the past two decades, the Company has grown rapidly by
thoughtfully acquiring leading and emerging brands, while ensuring
the business has a positive impact on its 7,000+ employees, the
communities it is a part of, and the planet. For more information
about The J. M. Smucker Company, visit jmsmucker.com.
The J. M. Smucker Company is the owner of all trademarks
referenced herein except for Rachael Ray™, a registered
trademark of Ray Marks II LLC, which is used under license.
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SOURCE The J. M. Smucker Company