Davis Polk advised Campbell Soup Company on its registered offering of $400 million aggregate principal amount of floating-rate notes due 2014, $450 million aggregate principal amount of 2.5% notes due 2022 and $400 million aggregate principal amount of 3.8% notes due 2042. Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan Securities LLC and BNP Paribas Securities Corp. acted as joint book-running managers for the offering.
Campbell intends to use the net proceeds from the offering to finance its pending acquisition of BF Bolthouse Holdco, LLC.
Headquartered in Camden, New Jersey, Campbell is a global manufacturer and marketer of high-quality, branded convenience food products. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “Prego” and “V8.”
The Davis Polk capital markets team included partner Joseph A. Hall, associates Peter E. Devlin and Sheldon Laing and law clerk Kelli Luebben. The tax team included partner Harry Ballan and associate Arie Rubenstein. Rosemarie Melendez and Sorina Delia Lazar were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.
