-

General Mills Becomes First U.S. Investment Grade Consumer Packaged Goods Company to Execute a Sustainability-Linked Bond

MINNEAPOLIS--(BUSINESS WIRE)--General Mills (NYSE: GIS) today announced its inaugural sustainability-linked bond aligned to the company’s efforts to combat climate change. The 10-year, $500 million sustainability-linked bond is tied to measurable improvements on the pathway to General Mills’ commitment to reduce absolute greenhouse gas emissions by 30 percent across its value chain by 2030.

“Climate change and its effects are having an impact on our planet, people’s lives and on General Mills’ ability to live out our purpose of making food the world loves,” said Kofi Bruce, chief financial officer, General Mills. “General Mills is focused on reducing emissions across our value chain, and we are making strategic financial investments connected to our sustainability goals to further advance and support this important work.”

With the issuance of this bond, General Mills links the coupon of the bond to the performance against the company’s 2030 greenhouse gas reduction goal. The interest owed to bond investors will increase if the company fails to reach the interim reduction targets (Scope 1 and 2) by 2025. Company initiatives to reduce carbon emissions include energy efficiency at plant locations, shifts to renewable electricity and continued pursuit of other innovations.

General Mills structured its bond to align with International Capital Market Association’s Sustainability-Linked Bond Principles 2020. General Mills published a Sustainability-Linked Bond Framework, which can be found on the company’s website, and obtained a second party opinion on the framework from ISS ESG. An external verification from a qualified third party on General Mills’ performance will be made public annually and the emissions data will be communicated through the company’s Global Responsibility Report.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and J.P. Morgan Securities LLC served as joint book-running managers on the offering. BNP Paribas Securities Corp. and J.P. Morgan Securities LLC were the Co-Sustainability Coordinators to General Mills.

In 2015, General Mills was the first company across any sector to set a greenhouse gas reduction commitment approved by the Science-Based Target Initiative across its full value chain, from farm to fork to landfill. Earlier this year, General Mills was the first U.S. consumer packaged goods company to enter into a sustainability-linked revolving credit facility, which included a pricing structure tied to progress in reducing greenhouse gas emissions and purchasing renewable energy certificates to cover electricity usage.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, including the sustainability-linked bonds. There shall not be any sale of the securities described herein in any state or other jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About General Mills

General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and being a force for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2021 net sales of U.S. $18.1 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S. $1.1 billion.

Contacts

Global Communications
Media.Line@GenMills.com
763-764-6364

General Mills

NYSE:GIS
Details
Headquarters: Minneapolis, Minnesota
CEO: Jeff Harmening
Employees: 40,000
Organization: PUB
Revenues: $16.865 Billion (2019)
Net Income: $1.752 Billion (2019)

Release Summary
General Mills Becomes First U.S. Investment Grade Consumer Packaged Goods Company to Execute a Sustainability-Linked Bond
Release Versions

Contacts

Global Communications
Media.Line@GenMills.com
763-764-6364

More News From General Mills

General Mills Accelerates Growth With Blue Buffalo Expansion Into Fresh and Edgard & Cooper U.S. Launch

MINNEAPOLIS--(BUSINESS WIRE)--General Mills today announced two new launches within its North America Pet segment with initiatives from Blue Buffalo and Edgard & Cooper, designed to meet evolving pet parent preferences and accelerate the company’s growth in pet feeding. Blue Buffalo to launch “Love Made Fresh” Blue Buffalo — the most loved and trusted natural pet food brand in the U.S. — is entering fresh pet food with the national launch of “Love Made Fresh,” offering pet parents more ways...

General Mills Announces Plans to Remove Certified Colors from All U.S. Cereals and All Foods Served in K-12 Schools by Summer 2026

MINNEAPOLIS--(BUSINESS WIRE)--General Mills Announces Plans to Remove Certified Colors from All U.S. Cereals and All Foods Served in K-12 Schools by Summer 2026...

General Mills to Promote Dana McNabb to Group President, North America Retail and North America Pet

MINNEAPOLIS--(BUSINESS WIRE)--General Mills Inc. (NYSE: GIS) today announced that effective June 1st, Dana McNabb will be promoted to Group President, North America Retail (NAR) and North America Pet. This change adds oversight of a key growth area, North America Pet, to McNabb’s current responsibilities over NAR, the company’s largest business segment. Liz Mascolo, Segment President, North America Pet, will report into McNabb with this change. “Time and again, Dana’s proven herself a strong le...
Back to Newsroom