Hormel Foods Corp.’s $1 billion corporate bond deal flew off the shelves on Thursday, even as the pork giant and other meat processors work to tamp down COVID-19 infections at their processing plants.
Austin, Minn.-based Hormel HRL, 0.35% was able to trim its borrowing costs on the single tranche of 10-year bonds, rated A1 by Moody’s and A by S&P, reflecting robust interest from investors for the company’s debt deal.
The bonds cleared at a 1.83% yield, after pricing was cut by 33 basis points to 102 basis points above risk-free Treasurys during the course of the day, according to a person with direct knowledge of the dealings.
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