Post Holdings Announces Pricing of Senior Notes Offering and Redemption of 5.00% Senior Notes due August 2026

ST. LOUIS, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Post Holdings, Inc. (NYSE:POST) (the “Company” or “Post”) today announced the pricing of its previously announced senior notes offering. The Company priced $1,800.0 million in aggregate principal amount of 4.50% senior notes due 2031 at par (the “Notes”). The Notes offering is expected to close on March 10, 2021, subject to customary closing conditions. The Notes will be unsecured unsubordinated obligations of the Company and will be guaranteed by the Company’s existing and subsequently acquired or organized domestic subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries designated as unrestricted subsidiaries).

The Company also announced that it intends to redeem 100%, or $1,697.3 million aggregate principal amount, of its outstanding 5.00% senior notes due August 2026 (CUSIP 737446AKO and U7318UAJ1) (the “5.00% Notes”) on March 11, 2021 (the “redemption date”). The 5.00% Notes will be redeemed at a redemption price of 100% of the principal amount of the 5.00% Notes, plus a “make-whole” premium specified in the indenture for the 5.00% Notes and accrued and unpaid interest to, but not including, the redemption date. Beginning on the redemption date, the 5.00% Notes will no longer be deemed outstanding and interest will no longer accrue on such securities. Wells Fargo Bank, National Association, is the trustee for the 5.00% Notes.

The Company intends to use the net proceeds from the offering to finance the redemption of the 5.00% Notes and to pay the costs, fees and expenses associated with the offering and the redemption. To the extent there are any remaining net proceeds, the Company intends to use such proceeds for general corporate purposes, which could include, among other things, financing acquisitions, share repurchases, retiring existing debt, working capital and capital expenditures. The offering is not conditioned upon the consummation of the redemption of the 5.00% Notes.

The Company’s redemption of the 5.00% Notes is subject to the satisfaction or waiver, in its discretion, of the condition that it receive proceeds from the offering of the Notes on terms satisfactory to the Company, in its sole discretion, generating net proceeds in an amount that is sufficient to effect the redemption of the 5.00% Notes and the payment of the costs, fees and expenses incurred in connection with the offering and the redemption.