S&P Global Ratings lowered Campbell Soup’s cos. rating to BBB- from BBB on Monday, placing it one notch above speculative-grade, or junk, status. The move...
S&P Global Ratings lowered Campbell Soup’s cos. rating to BBB- from BBB on Monday, placing it one notch above speculative-grade, or junk, status. The move came after Campbell announced a $2.7 billion all-cash deal for Sovos Brands SOVO, parent of Rao’s pasta sauces and noosa yogurts, that it intends to fund by issuing new debt. “As a result, we forecast S&P Global Ratings-adjusted pro forma debt leverage will increase to about 4x at close from 2.
rating to BBB- from BBB on Monday, placing it one notch above speculative-grade, or junk, status. The move came after Campbell announced a $2.7 billion all-cash deal for Sovos Brands SOVO , parent of Rao’s pasta sauces and noosa yogurts, that it intends to fund by issuing new debt. “As a result, we forecast S&P Global Ratings-adjusted pro forma debt leverage will increase to about 4x at close from 2.8x for the 12-months ended April 30, 2023,” the rating agency said in a statement.
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Campbell Soup to acquire Rao’s parent Sovos Brands in cash deal valued at about $2.7 billionAn earlier version of this article had a typo in the price Campbell Soup is paying. The price is $23 not $32. The article has been corrected. Campbell Soup...
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Campbell to buy Rao's premium sauces maker Sovos for $2.33 blnU.S. packaged food maker Campbell Soup will buy Michael Angelo's and Rao's owner Sovos Brands for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces.
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