Tear Sheet: Cargill Inc.

The company will likely use proceeds for general corporate purposes including possibly repaying short-term borrowings. Cargill?s year-to-date operating performance has been mixed but modestly ahead of expectations. This includes a faster- and larger-than-expected rebound in its animal nutrition and protein business driven by its U.S. chicken joint-venture (JV) Wayne-Sanderson Farms, which together with good international poultry performance has offset continued weak U.S. beef processing margins. (We exclude the JV?s equity earnings but include any dividends received in our adjusted EBITDA). The company?s reported EBITDA in The oilseed and processing segment declined about 30% year over year through the first half of fiscal 2025, largely as expected, and we continue to anticipate a modest rebound in the coming quarters as the

...February 6, 2025 Cargill Inc. is proposing to issue senior unsecured notes today, Feb. 6, 2025, in a transaction that is largely neutral for leverage. The company will likely use proceeds for general corporate purposes including possibly repaying short-term borrowings. A larger-than- expected rebound in Cargill's poultry operations is offsetting weaker-than- expected performance in its other businesses. Cargill's year-to-date operating performance has been mixed but modestly ahead of expectations. This includes a faster- and larger-than- expected rebound in its animal nutrition and protein business driven by its U.S. chicken joint- venture (JV) Wayne-Sanderson Farms, which together with good international poultry performance has offset continued weak U.S. beef processing margins. (We exclude the JV's equity earnings but include any dividends received in our adjusted EBITDA). The company's reported EBITDA in The oilseed and processing segment declined about 30% year over year through the...

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