Kraft Foods Commences Consent Solicitation (KFT)

Kraft Foods Inc. KFT announced that it has commenced a consent solicitation of holders of the 5.125% Guaranteed Senior Notes due 2013 of Cadbury Schweppes US Finance LLC, a wholly owned subsidiary of Kraft Foods, to certain proposed amendments to the indenture governing the Notes that would, among other things, replace certain covenants of the indenture with similar covenants contained in the indenture governing the outstanding public notes of Kraft Foods. In connection with the consent solicitation, Kraft Foods is offering to issue an unconditional and irrevocable guarantee of the payment of all amounts owed under the Notes. As of today's date, there was $1,000,000,000 aggregate principal amount of Notes outstanding.