CORPORATES

摘要

Demand topped US$18bn on a USS7.025bn bond sale from conagra brands on Monday as the buyside shrugged off concerns about an M&A funding package that will push net leverage to 5.5x. The packaged-food company, rated Baa3/ BBB/BBB-, launched bonds with maturities between three and 30 years, as well as a two-year floater, with hefty demand resulting in 10bp-20bp tightening across all tranches. Proceeds will help finance part of the acquisition of Pinnacle Foods, a transaction valued at around US$10.9bn including debt, and one that will make Conagra a leading player in the frozen-food space.