The J.M. Smucker Company (NYSE: SJM) has announced the early results of its cash tender offers for its outstanding notes. The company received valid tenders for the following notes as of the early tender time on December 16, 2024:
- 12.750% senior notes due 2041: $122,481,000 out of $300,000,000 outstanding principal amount
- 3.550% senior notes due 2050: $138,766,000 out of $300,000,000 outstanding principal amount
- 2.125% senior notes due 2032: $194,109,000 out of $500,000,000 outstanding principal amount
The company does not expect to accept for purchase any of the 4.375% senior notes due 2045 or the 5.900% senior notes due 2028.
The consideration to be paid for the notes validly tendered and accepted for purchase will be determined at 10:00 a.m., New York City time, on December 17, 2024. Each holder whose notes are accepted for purchase will receive the applicable "total consideration," which includes an early tender premium of $30 per $1,000 principal amount of notes tendered and accepted for purchase.
The company expressly reserves the right to terminate, waive conditions, accept for purchase, keep offers open, and amend the terms and conditions of the offers.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as dealer managers for the offers.
The J.M. Smucker Company will issue a press release on December 17, 2024, announcing the total consideration payable in connection with the offers. Today the company's shares have moved -3.8% to a price of $110.22. For the full picture, make sure to review J. M. Smucker's 8-K report.
