MCLEAN, Va., March 4, 2025 -- Mars, Incorporated (the "Company" or "Mars") announced today the commencement of a private offering of senior notes (the "Notes"). This offering is part of the financing for our pending acquisition (the "Acquisition") of Kellanova, a Delaware corporation (NYSE: K) ("Kellanova"), which remains subject to customary closing conditions, including regulatory approvals. The Company intends to use the net proceeds from this offering of the Notes, together with other financing sources and cash on hand, to fund the Acquisition and pay related fees and expenses. The issuance of the Notes may occur prior to the closing of the Acquisition, and the closing of this offering is not conditioned upon the consummation of the Acquisition. If the Acquisition is not consummated on or prior to August 20, 2026, or the merger agreement for the Acquisition is earlier terminated, the Notes will be subject to a special mandatory redemption at a redemption price equal to 101% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if any.
On the issue date, the Notes will not be guaranteed by any of the Company's subsidiaries. Upon the consummation of the Acquisition, Kellanova is expected to guarantee the Notes on a senior unsecured basis.
The Notes are being offered in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), in the United States only to investors who are reasonably believed to be "qualified institutional buyers," as that term is defined in Rule 144A under the Securities Act, or to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the Notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This communication contains "forward-looking statements" which reflect management's expectations regarding the Company's future growth, results of operations, operational and financial performance and business prospects and opportunities. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition or state other information relating to the Company, based on current beliefs of management as well as assumptions made by, and information currently available to, the Company. Forward-looking statements generally will be accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "possible," "potential," "predict," "project" or other similar words, phrases or expressions. Although the Company believes these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary. Such forward-looking statements may include, among other things, statements about the offering of the Notes and about the Acquisition. All forward-looking statements in this communication apply only as of the date made and are expressly qualified in their entirety by this cautionary statement. Except as otherwise required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
This News is brought to you by Qube Mark, your trusted source for the latest updates and insights in marketing technology. Stay tuned for more groundbreaking innovations in the world of technology.
