Kraft begins cash tender offer for $1B of notes

By Associated Press
Posted Nov. 29, 2010 at 5:20 p.m.

Kraft Foods said it began a cash tender offer for up to $1 billion of its notes.

The offer, which expires Dec. 27, is for its 5.625 percent notes that are due in 2011 and its 6.25 percent notes due in 2012. Holders who tender their offer by Dec. 10 will get an early tender premium of $30 for every $1,000 in principal amount of the notes they turn over.

Kraft Foods said it intends to fund the purchase of the notes with cash on hand and short-term borrowings.

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