GENERAL MILLS INCGIS
GENERAL MILLS INC Debt Disclosure
NOTE 9. 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 25, 2025
May 26, 2024
In Millions
Notes Payable
Weighted-
Average
Interest Rate
Notes Payable
Weighted-
Average
Interest Rate
U.S. commercial paper
$
669.4
4.5
%
$
-
-
%
Financial institutions
7.6
5.8
11.8
8.8
Total
$
677.0
4.5
%
$
11.8
8.8
%
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 25, 2025:
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$
2,700.0
$
-
Uncommitted credit facilities and lines of credit
703.7
7.6
Total
$
3,403.7
$
7.6
In the second quarter of fiscal 2025, we entered into a $
2.7
October 2029. Concurrent with the execution of this credit facility, we terminated our existing $
2.7
The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least
2.5
We
were in compliance with all credit facility covenants as of May 25, 2025.
LONG-TERM DEBT
In the fourth quarter of fiscal 2025, we issued €
750.0
3.6
April 17, 2032
. We used the net
proceeds to repay $
800.0
4.0
April 17, 2025
paper, as well as for general corporate purposes.
In the third quarter of fiscal 2025, we repaid $
500.0
5.241
November 18, 2025
, using proceeds
from the issuance of commercial paper.
In the second quarter of fiscal 2025, we issued $
750.0
4.875
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
5.25
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
April 22, 2026
. We used the net proceeds to
repay €
250.0
November 8, 2024
.
In the second quarter of fiscal 2025, we issued €
500.0
October 22, 2026
. We used the net proceeds
to repay €
500.0
November 8, 2024
.
In the fourth quarter of fiscal 2024, we issued €
500.0
3.65
October 23, 2030
. We used the net
proceeds for general corporate purposes.
In the fourth quarter of fiscal 2024, we issued €
500.0
3.85
April 23, 2034
. We used the net
proceeds for general corporate purposes.
In the third quarter of fiscal 2024, we issued $
500.0
4.7
January 30, 2027
. We used the net
proceeds to repay $
500.0
3.65
February 15, 2024
.
In the second quarter of fiscal 2024, we issued €
250.0
November 8, 2024
. We used the net proceeds
to repay €
250.0
November 10, 2023
.
In the second quarter of fiscal 2024, we issued $
500.0
5.5
October 17, 2028
. We used the net
proceeds to repay $
400.0
October 17, 2023
, and for general corporate purposes.
In the first quarter of fiscal 2024, we issued €
500.0
November 8, 2024
. We used the net proceeds to
repay €
500.0
July 27, 2023
.
A summary of our long-term debt is as follows:
In Millions, Except Weighted-Average Interest Data
Weighted-Average
Interest Rate (a)
May 25, 2025
May 26, 2024
Notes due fiscal 2025
-
%
$
-
$
1,613.5
Notes due fiscal 2026
0.8
1,533.9
1,693.2
Notes due fiscal 2027
3.1
2,276.5
1,687.8
Notes due fiscal 2028
4.2
1,400.0
1,400.0
Notes due fiscal 2029
4.5
1,352.2
1,313.5
Notes due fiscal 2030
3.9
1,500.0
750.0
Notes due fiscal 2031 - 2051
4.1
6,389.7
4,736.1
Net impact of unamortized debt discounts, debt issuance
(250.7)
(275.8)
14,201.6
12,918.3
Less amount due within one year
(1,528.4)
(1,614.1)
Total long-term debt
$
12,673.2
$
11,304.2
(a) Weighted average interest rates as of May 25, 2025.
The following table details the currency of our outstanding bonds:
In Millions
May 25, 2025
May 26, 2024
US Dollar
$
9,055.3
$
8,855.3
Euro
$
5,397.0
$
4,338.8
Certain of our long-term debt agreements contain restrictive covenants.
As of May 25, 2025, we were in compliance with all of these
covenants.
The $
11.8
be reclassified to net interest over the remaining lives of the hedged transactions. The amount expected to be reclassified from AOCI
to net interest in fiscal 2026 is a $
0.1
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jun 26, 2025 | Showing above |
| 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.