MCCORMICK & CO INC 8-K

What Happened
McCormick & Company, Incorporated announced the issuance and sale of $500 million aggregate principal amount of 4.150% senior unsecured notes due February 15, 2029. The underwriting agreement was dated February 3, 2026, the offering closed on February 5, 2026, and the notes were issued under the company’s existing Form S-3 registration. McCormick intends to use the net proceeds to redeem a portion of its outstanding $500 million 0.90% notes maturing February 15, 2026, and to pay related interest, fees and expenses.

Key Details

• Offering size and terms: $500,000,000 principal; 4.150% interest rate; maturity February 15, 2029.
• Interest payments: semi‑annual on February 15 and August 15, beginning August 15, 2026.
• Use of proceeds: to redeem part of the $500M 0.90% notes due Feb. 15, 2026, and to cover accrued interest, fees and expenses of redemption.
• Security and ranking: unsecured senior obligations, ranking equally with McCormick’s other unsecured, unsubordinated debt; governed by the company’s existing indenture (dated July 8, 2011).
• Other terms: notes callable prior to maturity at the stated redemption price; a change‑of‑control purchase option requires McCormick to offer 101% of principal plus accrued interest. Underwriters included BofA Securities, Truist Securities and Wells Fargo Securities.

Why It Matters
This is a debt refinancing move: McCormick replaced (in whole or in part) near‑term maturing debt with longer‑dated debt, extending the company’s maturity profile to 2029. Investors should note the higher coupon (4.15%) versus the 0.90% notes being redeemed—meaning higher ongoing interest cost but less near‑term principal repayment pressure. The new notes are senior unsecured, so they rank with McCormick’s other unsecured debt.