Campbell Soup $2.5 billion senior notes offering

Davis Polk advised the underwriters in connection with a $2.5 billion SEC-registered debt offering by Campbell Soup Company, consisting of $400 million of its 5.300% notes due 2026, $500 million of its 5.200% notes due 2027, $600 million of its 5.200% notes due 2029 and $1 billion of its 5.400% notes due 2034. Campbell intends to use the net proceeds from the offering to repay outstanding borrowings used to fund the company’s acquisition of Sovos Brands Inc. made under its delayed draw term loan credit agreement, to repay commercial paper and for general corporate purposes.

Campbell is a manufacturer and marketer of high quality, branded food and beverage products. For more than 150 years, Campbell has been connecting people through food they love. Its portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. Campbell is headquartered in Camden, New Jersey.

Sovos Brands is a consumer packaged food company focused on building disruptive growth brands that bring today’s consumers great tasting food that fits the way they live. Sovos Brands’ product offerings include a variety of pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts, all of which are sold in North America under the brand names Rao’s, Michael Angelo’s and noosa. Sovos Brands is headquartered in Louisville, Colorado.

The Davis Polk capital markets team included partner Marcel Fausten and associate Lincoln Jim. The tax team included partner Patrick E. Sigmon and associate Michelle Zhao. Partner Pritesh P. Shah and associate Alexis N. Wallace provided intellectual property advice. Counsel Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.