The J. M. Smucker Company Announces Cash Tender Offers

Core Viewpoint - The J. M. Smucker Company has initiated cash tender offers for a maximum principal amount of $300 million in various senior notes, aiming to manage its debt effectively and optimize its capital structure [1][6]. Summary by Sections Offer Details - The cash tender offers are for specific senior notes with varying interest rates and maturity dates, including 2.750$300 million [3][6]. - The offers are structured with an early tender premium of $30 per$1,000 principal amount for notes tendered before the early tender time [5][6]. Acceptance Priority - The acceptance of notes will follow a "waterfall" methodology based on their respective acceptance priority levels, starting with the lowest maturity date [3][7]. - Notes tendered before the early tender time will have priority over those tendered afterward, regardless of their acceptance priority levels [6][7]. Timeline - The offers will expire on January 2, 2025, with an early tender deadline set for December 16, 2024, after which notes cannot be withdrawn [4][6]. - Payments for notes accepted prior to the early tender time are expected to settle on December 19, 2024 [4][5]. Financial Considerations - The total consideration for the notes will be determined based on a fixed spread over the yield to maturity of specified U.S. Treasury securities [5][6]. - Holders of notes accepted for purchase will receive accrued and unpaid interest up to the applicable settlement date [5][6].