GENERAL MILLS INCGIS
GENERAL MILLS INC Debt Disclosure
DEBT
NOTES PAYABLE
The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows:
May 31, 2026 | May 25, 2025 | |||||||
In Millions | Notes Payable | Weighted- Average Interest Rate | Notes Payable | Weighted- Average Interest Rate | ||||
U.S. commercial paper | $60.0 | 3.8 | % | $669.4 | 4.5 | % | ||
Financial institutions | 8.4 | 4.6 | 7.6 | 5.8 | ||||
Total | $68.4 | 3.9 | % | $677.0 | 4.5 | % | ||
To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States
and Europe.
The following table details the credit facilities and lines of credit we had available as of May 31, 2026:
In Millions | Borrowing Capacity | Borrowed Amount | |
Committed credit facility expiring October 2029 | $2,700.0 | $— | |
Uncommitted credit facilities and lines of credit | 774.5 | 8.4 | |
Total | $3,474.5 | $8.4 |
We are in compliance with all credit facility covenants.
LONG-TERM DEBT
In the fourth quarter of fiscal 2026, we issued €1.0 billion of 4.75 percent fixed-to-fixed reset rate Series A junior subordinated notes
and €700.0 million of 5.25 percent fixed-to-fixed reset rate Series B junior subordinated notes, each due July 16, 2056. The interest
rate of the Series A and Series B junior subordinated notes will reset on July 16, 2031 and July 16, 2034, respectively, and every fifth
year thereafter. The Series A and Series B junior subordinated notes pay interest annually and may be redeemed at any time during the
90 days prior to their respective first interest reset date and on any interest payment date thereafter, in whole or in part at the principal
amount thereof, and at certain other times at a defined redemption price, in each case plus accrued interest. We used the net proceeds
to repay €250.0 million of floating-rate senior notes due April 22, 2026, $750.0 million of 3.2 percent fixed-rate senior notes due
February 10, 2027, $500.0 million of 4.7 percent fixed-rate senior notes due January 30, 2027, a portion of our outstanding
commercial paper, and for other general corporate purposes. The early redemption of certain senior notes resulted in a net $2.0 million
loss, which was recorded in Interest, net in the Consolidated Statements of (Loss) Earnings.
In the third quarter of fiscal 2026, we repaid €600.0 million of 0.45 percent fixed-rate senior notes due January 15, 2026, using
proceeds from the issuance of commercial paper and cash on hand.
In the second quarter of fiscal 2026, we repaid €500.0 million of 0.125 percent fixed-rate senior notes due November 15, 2025, with
cash on hand.
In the fourth quarter of fiscal 2025, we issued €750.0 million of 3.6 percent fixed-rate senior notes due April 17, 2032. We used the
net proceeds to repay $800.0 million of 4.0 percent fixed-rate senior notes due April 17, 2025, and a portion of our outstanding
commercial paper, as well as for general corporate purposes.
In the third quarter of fiscal 2025, we repaid $500.0 million of 5.241 percent fixed-rate senior notes due November 18, 2025, using
proceeds from the issuance of commercial paper.
In the second quarter of fiscal 2025, we issued $750.0 million of 4.875 percent fixed-rate senior notes due January 30, 2030. We used
the net proceeds to fund the Whitebridge Pet Brands acquisition.
In the second quarter of fiscal 2025, we issued $750.0 million of 5.25 percent fixed-rate senior notes due January 30, 2035. We used
the net proceeds to fund the Whitebridge Pet Brands acquisition.
In the second quarter of fiscal 2025, we issued €250.0 million of floating-rate senior notes due April 22, 2026. We used the net
proceeds to repay €250.0 million of floating-rate senior notes due November 8, 2024.
In the second quarter of fiscal 2025, we issued €500.0 million of floating-rate senior notes due October 22, 2026. We used the net
proceeds to repay €500.0 million of floating-rate senior notes due November 8, 2024.
A summary of our long-term debt is as follows:
In Millions, Except Weighted-Average Interest Rate | Weighted-Average Interest Rate (a) | May 31, 2026 | May 25, 2025 | ||
Senior notes due fiscal 2026 | —% | $— | $1,533.9 | ||
Senior notes due fiscal 2027 | 2.2 | 1,053.3 | 2,276.5 | ||
Senior notes due fiscal 2028 | 4.2 | 1,400.0 | 1,400.0 | ||
Senior notes due fiscal 2029 | 4.5 | 1,374.4 | 1,352.2 | ||
Senior notes due fiscal 2030 | 3.9 | 1,500.0 | 1,500.0 | ||
Senior notes due fiscal 2031 | 3.6 | 583.0 | 568.1 | ||
Senior notes due fiscal 2032 - 2051 | 4.2 | 5,858.7 | 5,821.6 | ||
Junior subordinated notes due fiscal 2057 (b) | 5.0 | 1,982.0 | — | ||
Net impact of unamortized debt discounts, debt issuance costs, interest rate swaps, and finance leases | (281.8) | (250.7) | |||
Total debt | 13,469.6 | 14,201.6 | |||
Less amount due within one year | (1,053.6) | (1,528.4) | |||
Total long-term debt | $12,416.0 | $12,673.2 |
(a) Weighted average interest rates as of May 31, 2026.
(b) The junior subordinated notes rank junior in right of payment to all of our existing senior notes.
The following table details the currency of our outstanding bonds:
In Millions | May 31, 2026 | May 25, 2025 | |
US Dollar | $7,805.3 | $9,055.3 | |
Euro | $5,946.1 | $5,397.0 |
Certain of our long-term debt agreements contain restrictive covenants. We are in compliance with all long-term debt covenants.
Interest payments for fiscal 2026, fiscal 2025, and fiscal 2024 were as follows:
Fiscal Year | |||||
In Millions | 2026 | 2025 | 2024 | ||
Cash interest payments | $573.9 | $474.4 | $464.4 | ||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jul 1, 2026 | Showing above |
| 2025 | Jun 26, 2025 | |
| 2024 | Jun 26, 2024 | |
| 2023 | Jun 28, 2023 | |
| 2022 | Jun 30, 2022 | |
| 2021 | Jun 30, 2021 | |
| 2020 | Jul 2, 2020 | |
| 2019 | Jun 28, 2019 | |
| 2018 | Jun 29, 2018 | |
| 2017 | Jun 29, 2017 | |
| 2016 | Jun 30, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.