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Moody's Investors Service, ("Moody's") today assigned Baa2 ratings to a total of $1 billion of senior unsecured notes being offered today in two tranches by Campbell Soup Company ("Campbell"). Net proceeds from today's issuance of 10-year and 30-year notes will be used for general corporate purposes, including to repay a portion of commercial paper and other short-term debt. On March 22, 2020, Campbell had approximately $1,105 million of commercial paper borrowings, and on March 30, 2020, the company borrowed $300 million under its $1.85 billion committed revolving credit facility that matures on December 9, 2021.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Campbell Soup Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service, Inc. today affirmed Campbell Soup Company's senior unsecured debt rating at Baa2 and its commercial paper rating at Prime-2. This amount is about half of the $6.2 billion of debt Campbell took on to fund the Snyder's-Lance acquisition in March 2018.