Kraft Foods Inc. (KFT) announced Monday that it has commenced exchange offers to exchange its 6.500% Notes due 2040, 6.875% Notes due 2039, 6.875% Notes due 2038, 7.000% Notes due 2037, 6.500% Notes due 2031, 5.375% Notes due 2020, 6.125% Notes due August 2018, and 6.125% Notes due February 2018, for up to $3.6 billion aggregate principal amount of new 6.500% Notes due 2040, 6.875% Notes due 2039, 5.375% Notes due 2020, and 6.125% Notes due 2018 to be issued by Kraft Foods' wholly owned subsidiary, Kraft Foods Group, Inc., as issuer of the New Notes, and cash.
Each Exchange Offer is also subject to the condition, among others, that at least $250 million aggregate principal amount of New Notes of the series issuable pursuant to such Exchange Offer will be issued upon acceptance of the Existing Notes tendered pursuant to such Exchange Offer.
In addition, it is a term of each of the Exchange Offers that at least $250 million principal amount of each series of Existing Notes subject to such Exchange Offer remain outstanding immediately following completion of such Exchange Offer.
Kraft Foods said it is offering to exchange only up to $500 million of its 6.875% Notes due 2039, up to $750 million of its 6.875% Notes due 2038, up to $500 million of its 7.000% Notes due 2037, and up to $500 million of its 6.500% Notes due 203.
The Exchange Offers will expire on July 16, 2012, unless extended. Tenders of Existing Notes may be validly withdrawn at any time prior to June 29, 2012, unless extended, but not thereafter, except in certain limited circumstances where required by law.
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