Mars’s $5 Billion of Term Loan Facilities and $3 Billion Bridge Facility

Cravath represented the initial purchasers in connection with the $26 billion 144A/Reg. S notes offering of Mars, Incorporated, as part of the financing transactions undertaken in connection with the pending $35.9 billion acquisition of Kellanova. Mars, Incorporated is one of the world’s largest privately‑held, family‑owned businesses with a history of successfully building and growing market-leading consumer brands for over 100 years. The transaction closed on March 12, 2025.

Cravath represented the administrative agent, sole lead arranger and sole bookrunner in connection with a £375 million term loan facility made available to Mars, Incorporated to finance the recommended acquisition of Hotel Chocolat Group plc. Mars, Incorporated is one of the world’s largest privately-held, family-owned businesses with a history of successfully building and growing market-leading consumer brands for over 100 years. The transaction closed on November 16, 2023.