Exclusive-Mars readying over $25 billion bond sale for next week, sources say

Mars is planning to issue bonds worth $25-30 billion to fund its acquisition of Kellanova, leading a $40 billion surge in acquisition financing bonds, with Citigroup and JPMorgan Chase set to market the sale next week. Synopsys is also preparing to sell $10-15 billion in bonds for its acquisition of Ansys, adding to the total issuance of $40 billion next week, driven by investor demand in the high-yield market. S&P Global Ratings downgraded Mars’ credit rating to A from A+ due to increased debt for the acquisition.

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