Free Writing Prospectus Filed Pursuant to Rule 433
To Prospectus dated May 18, 2009 and
Preliminary Prospectus Supplement Dated May 16, 2011
Registration No. 333-159303
Kellogg Company
$400,000,000 3.25% Notes due 2018
Pricing Term Sheet
May 16, 2011
| Issuer: | Kellogg Company | |
| Principal Amount: | $400,000,000 | |
| Maturity Date: | May 21, 2018 | |
| Coupon (Interest Rate): | 3.25% | |
| Yield to Maturity: | 3.29% | |
| Spread to Benchmark Treasury: | +80 bps | |
| Benchmark Treasury: | UST 2.625% due April 30, 2018 | |
| Benchmark Treasury Price and Yield: | 100-27+; 2.49% | |
| Interest Payment Dates: | May 21 and November 21, beginning on November 21, 2011 | |
| Make-Whole Call: | At any time at a discount rate of Treasury Rate plus 15 basis points | |
| Price to Public: | 99.751% | |
| Trade Date: | May 16, 2011 | |
| Settlement Date: | May 19, 2011 (T+3) | |
| CUSIP: | 487836 BE 7 | |
| Anticipated Ratings:* | A3 (Moody’s Investors Service Inc.) BBB+ (Standard & Poor’s Ratings Services) A- (Fitch Ratings) | |
| Joint Book-Running Managers: | Morgan Stanley & Co. Incorporated Wells Fargo Securities, LLC HSBC Securities (USA) Inc. | |
| Co-Managers: | BNP Paribas Securities Corp. Rabo Securities USA, Inc. SunTrust Robinson Humphrey, Inc. U.S. Bancorp Investments, Inc. The Williams Capital Group, L.P. | |
| Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. | ||
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