General Mills raises €1.7B through 30-year subordinated debt offering at 4.75%-5.25%

Filed April 16, 2026 · Period ending April 16, 2026 · ~1 min read

Key Changes

• high

  Issued €1.7 billion in junior subordinated notes due 2056 in two series: €1B at 4.750% (Series A) and €700M at 5.250% (Series B). These rank below senior debt and carry long-term interest obligations.

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• high

  Notes feature fixed-to-fixed reset rates, meaning coupons will adjust at predetermined future dates. This structure provides some rate flexibility but locks in elevated borrowing costs for decades.

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• medium

  Transaction closed April 16, 2026 with underwriting by Barclays, Deutsche Bank, Citigroup, and J.P. Morgan. The successful placement indicates institutional investor appetite despite subordinated status.

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