Kraft Foods Inc (KFT)
Beginning with just cheese, Kraft has crafted ludicrous amounts of labels under its names: A1, frozen California Pizza Kitchen, Boca, and way too many others to list. This Chicago-based company lost $3,000 and a horse (seriously) its first year of business. Now it's pulling in over $37 billion dollars annually.
Moody's assigns rating for new Kraft notes
NEW YORK (AP) - Moody's Investors Service said Wednesday that it will assign a "Baa2" rating to Kraft Foods Inc.'s senior unsecured notes being offered to partially fund its acquisition of Cadbury PLC.
The rating agency also affirmed Kraft's "Baa2" senior unsecured debt rating and its "Prime-2" short-term rating for commercial paper. Kraft's rating outlook is negative.
Cadbury shareholders approved Kraft's acquisition of the British candy maker on Tuesday.
The new notes are expected to be issued in four-parts: long three-year, six-year, and ten-year notes, and 30-year bonds. The total amount of the offering has not yet been finalized but Moody's expects Kraft to raise $5 billion to $10 billion to help pay for the $11 billion cash portion of Kraft's more than $19 billion offer.
Kraft shares fell 2 cents to close at $28.48.
Events
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February212012Kraft Foods Inc., 2011 Earnings Call, Feb 21, 2012
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February212012Kraft Foods Inc. to Report Fiscal Year 2011 Results on Feb 21, 2012
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Current price per share
Today's gain: $0.02 (0.05%)
