Heinz Note Tweak Helps Clear Path For $28B Buyout

Law360, New York (March 22, 2013, 1:38 PM EDT) -- H.J. Heinz Co. has tweaked change-of-control provisions on $931 million in outstanding senior notes, it said Thursday, paving the way for its $28 billion buyout as the deal's $12 billion financing starts to take shape.

The company amended a 12-year-old indenture with trustee The Bank of New York Mellon Corp. to add a definition of “permitted holder” — in essence, clearing 3G Capital Management LLC and Warren Buffett's Berkshire Hathaway Inc. to complete their $28 billion buyout of the ketchup maker without triggering a provision that...
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