Post Holdings, Inc. 8-K

What Happened

• Post Holdings, Inc. announced on its Form 8‑K that it issued $1,300.0 million aggregate principal of 6.50% senior notes due March 15, 2036 (the “New Notes”) on December 15, 2025. The New Notes were issued at par under an indenture with Computershare Trust Company, N.A. as trustee and were sold under Rule 144A and Regulation S.
• The New Notes are senior, unsecured obligations of Post and are fully and unconditionally guaranteed on a senior, unsecured basis by its domestic subsidiaries (with certain small, excluded or designated unrestricted subsidiaries excepted). Interest accrues at 6.50% and is payable semi‑annually each March 15 and September 15, beginning March 15, 2026.
• Separately, on December 17, 2025, Post completed the previously announced redemption of all outstanding 5.50% senior notes due 2029 (aggregate principal $1,235.0 million) at a redemption price of 101.833% (~$1,257.64 million), plus about $0.38 million of accrued interest.

Key Details

• Size & coupon: $1,300.0 million of 6.50% senior notes due March 15, 2036; interest payable Mar 15 and Sep 15 (first payment Mar 15, 2026).
• Guarantees & ranking: senior unsecured of Post, guaranteed by domestic subsidiaries; equal in payment rank with other senior debt, senior to subordinated debt, structurally subordinated to liabilities of non‑guarantor subsidiaries, and effectively junior to secured debt to the extent of collateral.
• Redemption features: call provisions include up to 40% optional redemption before Dec 15, 2028 at 106.50% (subject to equity‑proceeds limits), make‑whole style premium for redemptions prior to Mar 15, 2031, scheduled step‑down prices from 103.25% in 2031 to 100% in 2034+, and a 101% change‑of‑control repurchase right.
• Earlier debt retired: redeemed all outstanding 5.50% notes due 2029 (principal $1,235.0M) on Dec 17, 2025 at 101.833% plus accrued interest.

Why It Matters

• These actions extend Post’s debt maturity (2036 vs. prior 2029) and alter its interest cost profile — the company replaced near‑term 5.50% debt with longer‑dated 6.50% debt, which reduces near‑term refinancing risk but increases annual interest expense on the replaced principal.
• The New Notes are unsecured and subject to covenants that limit certain financings, liens, dividends, asset sales and transactions with affiliates; investors should note ranking (subordination to secured debt and to liabilities of non‑guarantor subsidiaries) and customary default provisions that could accelerate repayment.
• For investors, the financing transaction affects leverage, cash interest obligations and liquidity planning; the completed redemption shows Post is actively managing its capital structure and pushing out maturities.