Conagra Brands Issues $500M 5.40% Senior Notes Due 2031

What Happened
Conagra Brands, Inc. announced the completion on July 28, 2026 of a public offering of $500,000,000 aggregate principal amount of 5.400% Senior Notes due August 1, 2031. The notes were issued under the company’s shelf registration (Form S-3) and are governed by the company’s existing indenture, as supplemented by a Fourth Supplemental Indenture dated July 28, 2026. U.S. Bank Trust Company, National Association is successor trustee.

Key Details

• Principal amount: $500,000,000; interest rate: 5.400% per year.
• Maturity date: August 1, 2031; interest payments begin February 1, 2027.
• Security/ranking: senior unsecured obligations of Conagra; pari passu with other senior unsecured debt, effectively junior to any secured debt.
• Change-of-control provision: holders may require the company to repurchase the notes at 101% of principal plus accrued interest upon a defined Change of Control Triggering Event.
• Underwriters: offering sold pursuant to an underwriting agreement dated July 21, 2026 with BofA Securities, Goldman Sachs, Mizuho Securities USA and Wells Fargo Securities (representatives).

Why It Matters
This 2031 senior note issuance increases Conagra’s outstanding unsecured debt by $500 million and establishes a fixed-rate interest obligation (5.40%) through 2031. Investors should note the notes are unsecured and rank behind secured creditors, but are equal with Conagra’s other senior unsecured debt. The indenture includes customary covenants and default provisions, and a change-of-control repurchase feature that can affect liquidity if triggered.