By Kiah Haslett | To finance its acquisition of Cadbury PLC, Kraft Foods is planning a four-part bond sale raising up to $4 billion.
Kraft hopes to raise at least $1 billion each offering at sales expected today or tomorrw, Reuters reported. The sale will include 3.25-year, 6-year, 10-year notes and 30-year bonds and will be financed through Citigroup, BNP Paribas, Deutsche Bank, HSBC and RBS.
The debt sale comes as a result of Kraft increasing its bid to purchase Cadbury, from $16.7 billion to $19 billion. The takeover was approved Tuesday by 72 percent of Cadbury investors.
Brokers expect Kraft to raise the money quickly, and the added debt is not anticipated to drop Kraft’s investment-grade rating. Moody’s expected rating of the senior unsecured bond is Baa2, which is its second-lowest investment grade. Standard & Poor’s expected rating is BBB-minus, its lowest investment grade.
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