Neogen announces pricing of $350M senior notes offering

• As part of the financing for the proposed combination of the Food Safety Business of 3M with Neogen (NASDAQ:NEOG) in a Reverse Morris Trust transaction, Garden SpinCo Corporation, a direct wholly-owned subsidiary of 3M Company (MMM) has priced an offering of $350M of 8.625% senior unsecured notes due 2030 in a private placement at par.
• The closing of the offering on or about July 20, 2022 is not contingent on the completion of the Merger.
• The notes will initially be issued by SpinCo to 3M and are expected to be transferred and delivered by 3M to the selling securityholder in the offering, in satisfaction of certain of 3M's existing debt.
• SpinCo will not receive any proceeds from the sale.
• Upon the effectiveness of the Merger, the notes will be guaranteed on a senior unsecured basis by Neogen and certain wholly-owned domestic subsidiaries of Neogen.