根據第424(B)(2)條提交
註冊編號333-219217

 

This preliminary prospectus supplement and the accompanying prospectus relate to an effective registration statement under the Securities Act of 1933, as amended, but are not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

待完成後，日期為2018，3月12

初步招股章程補編
(致2017年月10招股章程)

$                                      

 

Campbell Soup Company (“Campbell” or “we”) is offering floating rate notes due 2020 (the “2020 floating rate notes”), floating rate notes due 2021 (the “2021 floating rate notes” and, together with the 2020 floating rate notes, the “floating rate notes”),     % notes due 2021 (the “2021 notes”),     % notes due 2023 (the “2023 notes”),        % notes due 2025 (the “2025 notes”),       % notes due 2028 (the “2028 notes”) and       % notes due 2048 (the “2048 notes” and, together with the 2021 notes, 2023元紙幣、2025元紙幣和2028元紙幣，即“固定利率票據”)，在每種情況下，均按上述本金總額計算。浮動匯率票據和固定匯率票據統稱為“票據”。

2020種浮動利率債券每年將以相當於三個月libor加基點的浮動利率支付利息，而2021種浮動利率債券將以相當於三個月libor加年息基點的浮動利率支付利息。每個系列的浮動利率票據的利息按每季度和每年支付。開始，2018。

從2018開始，每個系列的固定利率票據將產生利息，每半年支付一次。開始，2018。

2017年月18日，我們簽訂了一項合併協議和計劃(“合併協議”)，由我們公司和我們中間的一家間接的全資子公司(“合併子”)和斯奈德的-蘭斯公司(snyder‘s-lance，inc.)簽訂。(“Snyder’s-Lance”) pursuant to which, among other things and subject to the satisfaction or waiver of specified conditions, Merger Sub will merge with and into Snyder’s-Lance (the “Merger”), with Snyder’s-Lance surviving the Merger as a wholly-owned subsidiary of ours.  The net proceeds from the offering of the notes, in part, will be used to fund a portion 根據合併協議應支付的現金和其他款項，並支付與上述事項有關的費用和費用。我們打算將剩餘的收益用於一般的公司用途，其中可能包括商業票據的償還。此次發行並不取決於完成斯奈德-蘭斯的收購。

If we do not complete the Snyder’s-Lance acquisition on or before September 18, 2018 (the “termination date” of the Merger Agreement, referred to herein as the “special redemption deadline”), or if, prior to the special redemption deadline, the Merger Agreement is terminated, we must redeem all of the outstanding notes at a special redemption price of 101% of the aggregate principal amount 包括首次發行日期(或支付利息的最近一次利息支付日期)至但不包括特別贖回日期的應計利息及未付利息。我們將這種救贖稱為“特殊救贖”。本次發行的收益沒有代管賬户或擔保權益，以造福於票據持有人。見“説明説明---對”説明“的特別強制性贖回”。除本特別贖回條款外，我們可於任何時間全部或部分贖回固定匯率票據，贖回價格載列於“債券説明-固定利率債券的可供選擇贖回”內。如如本招股章程增訂本所述發生更改控制觸發事件，除非我們已行使贖回權，否則我們須以相當於其本金百分之一百零一的購買價格，再加上截至購買日期的應計利息及未付利息(如有的話)，提出購買該等票據。參見“説明票據-提供購買時，控制的變化觸發事件。”

這些債券將是我們無擔保的高級債務，與我們現有和未來所有無擔保的高級債務一樣，這些債券不會在任何證券交易所上市。目前，這些債券沒有公開市場。

投資於債券涉及風險。參見 “危險因素” 從S-13頁開始。

 

 

(1)如在該日後結算，則另加應計利息(如有的話)，由2018開始計算。

 

證券交易委員會和國家證券監督管理委員會均未批准或不批准本招股説明書或所附招股説明書是否準確或完整。任何相反的陳述均屬刑事犯罪。

承銷商預計將通過歐洲清算銀行S.A./N.V.的帳面分錄交付系統向投資者交付票據，該系統是歐洲清算銀行或Clearstream銀行的運營商，Sociétéanonyme，視情況而定，此後在可用資金中支付2018英鎊或約2018英鎊。

 

聯合賬務經理

No person is authorized to give any information or to make any representations other than those contained or incorporated by reference in this prospectus supplement, the accompanying prospectus or any free writing prospectus filed by us with the Securities and Exchange Commission (the “SEC”).  We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you.  This prospectus supplement, the accompanying prospectus and any such free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in this prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful.  Neither the delivery of this prospectus supplement, the accompanying prospectus or any such free writing prospectus, nor any sale made hereunder and thereunder shall under any circumstances, create any implication that there has been no change in the affairs of Campbell Soup Company since the date of this prospectus supplement, the accompanying prospectus or any such free writing prospectus, or that the information contained or incorporated by reference herein or 其中在此類信息的日期之後的任何時間都是正確的。

目錄

頁

招股章程

頁

招股説明書

 

關於這份招股説明書的補充

This prospectus supplement contains the terms of this offering of notes.  This prospectus supplement, or the information incorporated by reference in this prospectus supplement, may add, update or change information in the accompanying prospectus.  If information in this prospectus supplement, or the information incorporated by reference in this prospectus supplement, is inconsistent with the accompanying prospectus, this prospectus supplement, or the information incorporated by reference in this prospectus 補充，將適用，並將取代該信息在所附的招股説明書。

在作出投資決定時，你必須閲讀並考慮本招股説明書及所附招股章程所載的所有資料。你亦應閲讀及考慮我們在下文“你可以找到更多資料的文件”內所載的資料。

In this prospectus supplement, unless otherwise stated or the context otherwise requires, the terms “we,” “us” and “our” refer to Campbell Soup Company and our consolidated subsidiaries.  Unless we specifically state otherwise, the information contained in this prospectus supplement, the accompanying prospectus and any free writing prospectus filed by us with the SEC relating to this offering does not give 對合並或TH發行的影響e筆記。

關於前瞻性陳述的披露

This prospectus supplement contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements reflect our current expectations regarding our future results of operations, economic performance, financial condition and achievements.  These forward-looking statements can be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “will,“目標”和類似的表述。人們也可以通過它們與歷史或當前事實不嚴格相關這一事實來識別前瞻性陳述。這些陳述反映了我們目前的計劃和預期，以及我們在合併完成後對合並公司、我們的業務、行業和其他未來情況的假設，並以我們目前掌握的信息為基礎。它們依賴一些關於未來事件和估計的假設，這些假設可能不準確，而且固有地會受到風險和不確定性的影響。

Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  Our actual results may differ materially from those contemplated by the forward-looking statements.  The following important factors could affect our actual results and could cause such results to vary materially from those in the forward-looking statements made by or on behalf of us: changes in consumer demand for our products and favorable perception of our brands; the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; the impact of strong competitive responses to our efforts to leverage our brand power with product innovation, promotional programs and new advertising; changing inventory management practices by certain of our key customers; a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of our key customers continue to increase their significance to our business; our ability to realize projected cost savings and benefits from our efficiency and/or restructuring initiatives; our ability to manage changes to our organizational structure and/or business processes, including our selling, distribution, manufacturing and information management systems or processes; product quality and safety issues, including recalls and product liabilities; the ability to complete and to realize the projected benefits of acquisitions, divestitures and other business portfolio changes; the conditions to the completion of the Snyder’s-Lance acquisition, including obtaining Snyder’s-Lance shareholder approval, may not be satisfied; long-term financing for the Snyder’s-Lance acquisition may not be available on favorable terms, or at all; closing of the Snyder’s-Lance acquisition may not occur or may be delayed, either as a result of litigation related to the acquisition or otherwise; we may be unable to achieve the anticipated benefits of the Snyder’s-Lance acquisition; completing the Snyder’s-Lance acquisition may distract our management from other important matters; the risk our pro forma combined financial data differs materially from our actual financial position after the Merger; disruptions to our supply chain, including fluctuations in the supply of and inflation in energy and raw 包裝材料成本；針對我們的訴訟和監管行動的不確定性；我們某些業務使用的獨立承包商分配模式可能受到幹擾，包括影響其獨立承包商分類的訴訟或管制行動；非美國業務的影響，包括進出口限制、公共腐敗和遵守外國法律和法規；商譽或其他無形資產的減值；我們的能力保護我們的知識產權；增加與

our defined benefit pension plans; a material failure in or breach of our information technology systems; our ability to attract and retain key talent; changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions, law, regulation and other external factors; unforeseen business disruptions in one or more of our markets due to political instability, civil disobedience, terrorism, armed hostilities, extreme weather conditions, natural 災難或其他災難，以及在本招股説明書補編中“風險因素”下描述的其他因素，以及我們最近的10-K表格年度報告和隨後的SEC文件。對不確定性的討論絕不是詳盡無遺的，而是為了突出可能影響我們的前景的重要因素。我們拒絕任何義務或意圖更新前瞻性聲明，以反映新的信息，事件或情況後，他們作出。

在那裏你可以找到更多的信息

We file annual, quarterly and current reports, proxy statements and other information with the SEC.  You may read and copy any document that we file at the Public Reference Room of the SEC at 100 F Street, N.E., Washington, D.C. 20549.  You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.  In addition, the SEC maintains an Internet site 在http：//www.sec.gov上，感興趣的人可以通過電子方式訪問我們的公開文件。您也可以通過我們的網站www.cambelsoupcompany.com，在“投資者中心-金融信息-SEC文件”的標題下，以電子方式訪問這些文件。我們不會將該網站的內容納入本招股説明書補編。

美國證券交易委員會允許我們“引用”我們向他們提交的信息，這意味着我們可以通過引用這些文件來向你披露重要的信息。引用所包含的信息是本招股説明書補充的一個重要部分，我們稍後向SEC提交的信息將自動更新和取代這些信息。listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than, in each case, documents or information deemed to have been furnished and not filed in accordance with SEC rules), on or after the date of this prospectus supplement until we sell all of the securities covered by this prospectus supplement:

•我們的年度報告表10-K的財政年度，截至7月30日，2017；

•我們的季度報告表10-Q為截至#date0#10月29日和2018年月28的季度；

•我們對附表14A的最終委託書已於2017年月6日提交證券交易委員會；

•我們目前關於表格8-K的報告於9月26日、2017、10月13日、2017、11月17日、2017、12月18日、2017、12月29日、2017、1月24日、2018和3月5日提交給美國證交會。

你可以書面或電話方式，以下列地址向我們索取該等文件的副本，而無須支付任何費用：

公司祕書坎貝爾湯公司
坎貝爾一家
新澤西州卡姆登08103-1799
(856) 342-6122

 

摘要

這份摘要突出了關於我們公司和募股的選定信息，可能不包含對您重要的所有信息。為了更好地理解此次發行，您應該仔細閲讀整個招股説明書和附帶的招股説明書，以及我們推薦您參考的其他文件。 “你可以在那裏找到更多的信息。“

坎貝爾湯公司

我們是高品質、品牌食品和飲料產品的製造商和銷售商。我們在1922年月23根據新澤西州的法律成立了一個商業組織；然而，通過先前的組織，我們在食品行業的起步可以追溯到1869。

我們管理我們的業務分為三個部分，主要集中在產品類別上。

•美洲簡單餐飲部分，包括美國和加拿大的零售和食品服務業務。該部分包括以下產品：坎貝爾氏濃縮和準備供應的湯；斯旺森肉湯和存貨；普雷戈意大利麪醬汁；步調墨西哥醬汁；坎貝爾氏孕婦，意大利麪，豆類和晚餐醬料；斯旺森家禽罐頭；李子食物和零食；V8 果汁和飲料；以及坎貝爾氏番茄汁；截至2007年12月12日，太平洋食品肉湯、湯、非乳製品飲料和其他簡單膳食；

•全球餅乾和小吃部分，其中包括：胡椒農場餅乾、餅乾、麪包店和美國零售的冷凍產品；Arnott‘s 澳大利亞和亞太地區的餅乾；全球的凱爾森餅乾。該部分還包括在澳大利亞和亞太地區的簡單膳食和穩定貨架飲料業務，並從2018財政年度開始，在拉丁美洲開展業務；以及

•坎貝爾新鮮食品部分，包括：博爾豪斯農場新鮮胡蘿蔔、胡蘿蔔原料、冷凍飲料和冷藏沙拉醬；花園新鮮調味醬、鷹嘴醬、蘸醬和玉米餅；以及美國冷凍湯業務。

待收購Snyder‘s-Lance

On December 18, 2017, we entered into the Merger Agreement, by and among, us, Merger Sub, and Snyder’s-Lance, pursuant to which, among other things and subject to the satisfaction or waiver of specified conditions, the Merger will be consummated, with Snyder’s-Lance surviving the Merger as a wholly-owned subsidiary of ours.  Pursuant to the Merger Agreement, at the effective time of the Merger, each of Snyder’s-Lance’s issued and outstanding shares of common stock, par value $0.83-1/3 per share (other than any shares held directly by either us or Merger Sub or shares owned by any direct or indirect subsidiary of Snyder’s-Lance) will be cancelled and extinguished and converted into the right to receive $50.00 in cash, without interest, less any required withholding taxes.根據合併協議的條款，我們應支付的總價和其他款項，包括與完成收購有關的Snyder‘s-Lance的未償債務約為11億美元，將約為61億美元。

Each party’s obligation to consummate the Merger is subject to certain conditions, including, among others: (i) obtaining the affirmative vote of the holders of 75% of Snyder’s-Lance’s outstanding shares of common stock to approve the Merger Agreement and consummate the Merger; (ii) expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”); and (ii(I)押記任何法院或其他政府機關發佈或頒佈的任何命令或法律要求，這些命令或法律要求有效，妨礙合併的完成。根據“人權法”適用的等待期已經終止。坎貝爾和斯奈德-蘭斯的義務還須遵守慣例條件，即與另一方的陳述和保證的準確性以及另一方在所有重大方面履行其根據合併協議所承擔的義務有關的條件。我們預計收購將於2018日曆第一季度結束，儘管不可能。保證交易將在預期的時間內發生或根本不會發生。

我們期望為合併的考慮和相關的費用和費用提供資金，新的債務如下所述---融資交易。The net proceeds from this offering of the notes, in part, will be used to fund a portion of the cash consideration and other amounts payable under the Merger Agreement, and to pay fees and expenses associated with the foregoing.  We intend to use any remaining proceeds, for general corporate purposes, which may include the repayment of commercial paper.  This offering is not contingent on the consummation of the Snyder’s-Lance acquisition.

斯奈德蘭斯，北卡羅來納州的一家公司，成立於1926，是一家品牌小吃公司，在北美和歐洲都有業務。斯奈德的品牌包括漢諾威斯奈德和蘭斯，以及科德角水壺煮熟的薯片和水壺牌薯片。此外，斯奈德的其他品牌包括小吃廠, 椒鹽脆餅, 流行祕密和七月底，有機和非轉基因有機體玉米餅的製造商。

我們相信，合併將為我們帶來若干戰略和財政利益，包括：

•加強我們的核心和擴大我們的宏觀零食業務，特別是在為您提供更好的零食；

•補充我們現有的胡椒農場業務；

•導致與領先的差異化品牌更多樣化和平衡的投資組合；

•促進進入增長較快的分銷渠道；以及

•通過協同增效和卓越的運作提供重要的價值創造。

我們警告你方，我們可能無法實現收購的預期效益。見“風險因素-與合併有關的風險”。此外，斯奈德的-蘭斯業務受到風險的影響，包括在“風險因素-選擇的斯奈德-蘭斯風險因素”下描述的風險。

融資交易

我們打算支付根據合併協議條款應支付的現金和其他款項，包括償還與完成收購有關的Snyder‘s-Lance約11億美元的未償債務，並支付與上述事項有關的費用和費用，其中一部分來自發行在此提供的票據的淨收益以及根據我們新的定期貸款信貸協議借款。我們打算將發行債券的任何剩餘收益用於一般的公司用途，包括商業票據的償還。

2017年月29日，我們簽訂了一份12億美元的3年期貸款協議(“新信貸協議”)，允許我們在合併結束之日與作為行政代理的瑞士信貸公司(CreditSuisse AG)、開曼羣島分行(CreditSuisse AG)以及其中點名的其他貸款人進行一次提取，總本金高達12億美元。新信貸協議下的貸款收益只能用於收購Snyder-Lance，並支付與此有關的費用和費用以及與新信貸協議有關的費用。根據目前的預期，我們打算根據新信貸協議，為完成收購斯奈德公司而一次性提取9億美元。然而，我們的期望可能會改變，如果有必要，我們可能會為收購Snyder‘s-Lance提供資金。

The consummation of the Merger, the issuance of the notes offered hereby and the use of proceeds therefrom and our anticipated borrowings under the New Credit Agreement in connection with the Snyder’s-Lance acquisition are herein referred to as the “Transactions.”  This offering is not conditioned on the completion of the Merger or such borrowings under the New Credit Agreement.  However, if we do not consummate the Merger on or prior to the special redemption deadline, or, if prior to such date, the Merger Agreement is terminated, we must redeem all of the outstanding notes at a special redemption price of 101% of the aggregate principal amount thereof, plus accrued and unpaid interest from and including the date of initial issuance (or the most recent payment date on which interest was paid) to but excluding the special redemption date.見“説明説明---對”説明“的特別強制性贖回”。

與合併協議有關，於2017年月18日，我們簽訂了一份由坎貝爾、瑞士信貸證券(美國)有限責任公司和瑞士信貸公司(“債務承諾書”)組成的橋樑承諾信。根據債務承諾函，貸款方承諾提供364天的高級無擔保橋樑貸款信貸安排，總本金高達62億美元。債務承諾信中的承諾將於2018年月18晚11：59到期。根據債務承諾信提供的任何貸款的利息為(I)經調整的libor加1.000%至2.250%的保證金，或(Ii)經調整的基準利率加上較大的(X)0.000%及(Y)適用的經調整的libor保證金-1.000%。該橋樑設施的初始到期日為縮編日期後364天。在我們簽署新信貸協議時，債務承諾函下的承付款額在12月29日(達到50億美元)永久減少了12億美元(總額為50億美元)。債務承付信下的承付款將進一步減少所提票據的現金淨收入。

 

企業信息

坎貝爾湯公司於1922在新澤西註冊成立。我們的主要執行辦公室位於新澤西州卡姆登坎貝爾廣場1號，電話號碼為(800)257-8443。我們的網站是www.cambelsoupcompany.com。提及我們的網站地址，並不構成以參考方式將網站上所載的資料納入法團，而該等資料不應視為本招股章程的一部分。我們的普通股在紐約證券交易所上市，代號為“CPB”。

 

祭品

The following summary contains basic information about the notes and is not intended to be complete.  It does not contain all of the information that is important to you.  For a more complete understanding of the notes, please refer to the section of this prospectus supplement entitled “Description of the Notes” and the section of the accompanying prospectus entitled “Description of Debt Securities.”

 

坎貝爾的歷史、合併和未經審計的專業表格合併財務信息

In the tables below, we provide you with summary historical consolidated and unaudited pro forma combined financial information of Campbell.  The summary historical consolidated statement of earnings information for the fiscal years ended 2017, 2016 and 2015 and the summary historical consolidated balance sheet information as of July 30, 2017 and July 31, 2016 are derived from our historical consolidated financial statements incorporated by reference into this prospectus supplement. 截至2015年度8月2日的歷史合併資產負債表信息是從我們的歷史合併財務信息中衍生而來的，而不是通過本招股説明書補充中的參考資料。歷史結果不一定表示未來可能預期的結果，截至1月28日，2018的六個月的結果不一定表示整個財政年度或任何其他期間的預期結果。

The summary unaudited pro forma combined financial information is derived from the unaudited pro forma combined financial statements included in this prospectus supplement.  The summary unaudited pro forma combined statement of earnings information gives effect to the Transactions as if they occurred on August 1, 2016, the first day of our fiscal 2017.  The summary unaudited pro forma combined balance sheet information gives effect to the Transactions as 如果發生在2018，01月28日，即我們2018財政年度第二季度末。未審計的合併財務信息應與未審計的合併財務報表以及本招股章程補編中的相關附註一併閲讀。

未經審計的合併財務資料只供參考之用。未經審計的合併損益表並不一定表示如果交易發生在2016年8月1日便會取得的經營業績，亦不打算在交易後預測我們未來的財務業績。未經審計的綜合資產負債表摘要資料不包括在內。purport to reflect what our financial condition would have been had the Transactions occurred on January 28, 2018 or for any future or historical period.  The summary unaudited pro forma combined statement of earnings and balance sheet information is based on certain assumptions, which management believes are reasonable and do not reflect the cost of any integration activities or the benefits from the Merger and synergies that may be derived from any integration activities.

You should read our summary historical consolidated and unaudited pro forma combined financial information together with the unaudited pro forma combined financial statements and the related notes thereto included in this prospectus supplement, and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our and Snyder’s-Lance’s historical consolidated and audited and unaudited financial statements and the related 注：在每種情況下，本招股説明書的補充部分均以參考的方式納入。請參閲本招股説明書補編中的“您可以找到更多信息的地方”。

 

 

斯奈德-蘭斯的歷史綜合財務信息綜述

在下表中，我們向您提供了Snyder‘s-Lance的歷史綜合財務信息.Snyder’s-Lance’s summary historical consolidated income statement data for the fiscal years ended December 30, 2017, December 31, 2016 and January 2, 2016 and summary historical consolidated balance sheet data as of December 30, 2017 and December 31, 2016 are derived from the historical consolidated financial statements of Snyder’s-Lance incorporated by reference into this prospectus supplement.  Snyder’s-Lance’s historical consolidated balance sheet data as of January 2, 2016 is derived from historical consolidated financial information of Snyder’s-Lance not incorporated by reference in this prospectus supplement.  You should read the summary historical consolidated financial information of Snyder’s-Lance together with Snyder’s-Lance’s historical consolidated financial statements and the related notes thereto incorporated by reference into this prospectus supplement.  See “Where You Can Find 更多信息“在本招股説明書補充。歷史結果不一定表明將來可能預期的結果。

 

未經審計的非GAAP Pro Forma合併坎貝爾的財務信息

我們使用(並通過參考)某些非公認會計原則的財務措施，如證券交易委員會在本招股説明書，補充和附帶的招股説明書中定義的。這些非公認會計原則的財務計量是美國普遍接受的會計原則未界定的業績衡量標準，應在根據美國普遍接受的會計原則報告的措施之外加以考慮，而不是代替這些措施。(“公認會計原則”)。我們認為，提出某些非公認會計原則的財務措施也提供了額外的信息，以便於比較我們的歷史經營業績和趨勢，我們的基本經營業績，並提供透明度，我們如何評估我們的業務。管理層使用這些非GAAP財務措施來做出財務、運營和計劃決策，並評估我們的業績。

影響收入的項目

我們認為，不包括某些不被視為正在進行的經營業績一部分的項目的財務信息，如以下所列的項目，可以提高年度業績的可比性。因此，我們相信投資者可以更好地瞭解我們的結果，不包括這些項目。

下面是我們和斯奈德-蘭斯根據公認會計原則和條例S-X第11條提交的未經審計的合併財務信息與調整後的合併財務信息(不包括某些項目)在截至2018年月28和截至7月30日的一年中的對賬情況。

這一信息應與未經審計的形式合併財務信息以及未經審計的合併財務報表以及本招股補編其他地方的有關説明一併閲讀，標題為“未經審計的專業表格合併財務信息”。未經審計的合併收益表使交易生效，就好像交易發生在2016年月日，目的是為了盈利目的一樣。

 

 

下列項目影響收入：

(1)反映了市場對市場的調整對我們的固定福利養老金和退休後的收益。計劃。

(2)反映如下：

a.與我們降低成本和精簡組織結構的倡議有關的費用。

b.與斯奈德-蘭斯的轉型計劃相關的成本。

(3)反映了一項調整，以排除因頒佈減税和就業法案而記錄的一次性淨所得税優惠，該法案於#date0#簽署成為法律。

(4)反映如下：

a.我們的非現金減值費用涉及博爾豪斯農場胡蘿蔔和胡蘿蔔配料報告部門和花園新鮮美食報告部門的無形資產。

b.斯奈德-蘭斯的非現金減值費用與其歐洲報告部門商譽水壺芯片商標在英國和流行祕密商標。

(5)反映了與Snyder‘s-Lance對鑽石食品公司和Metcalfe’s Skinny Limited的收購相關的交易和整合成本。這些開支主要包括專業費用、遣散費和留用費。

(6)反映斯奈德的-蘭斯成本與綠寶石生產從斯托克頓，加利福尼亞州到夏洛特，NC。

(7)主要反映了斯奈德公司從集體訴訟保險結算、税務重組費用以及與某些訴訟相關的應計項目中獲得的收益。

(8)反映了一項調整，以不包括主要與向金融機構出售公司間應收票據有關的所得税福利，這導致確認為税務目的的票據上的外匯損失，並減少了與出售t的保險費和費用有關的利息費用。他注意到。

 

危險因素

對債券的投資涉及各種風險。In making an investment decision, you should carefully consider the risks and uncertainties described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended July 30, 2017 and our Quarterly Report on Form 10-Q for the period ended January 28, 2018 and subsequent SEC filings as well as the risk factors below.  In addition, the following risks and uncertainties could 對我們的業務、財務狀況和經營結果造成重大不利影響。我們目前所不知道或目前認為不重要的額外風險和不確定因素也可能損害我們的業務運作和財務狀況。

與合併有關的風險

斯奈德的-蘭斯收購受到某些關閉條件的制約，如果不滿足或放棄，可能會延遲關閉或完全阻止其發生。

The Snyder’s-Lance acquisition is subject to closing conditions, including approval of the transaction by the affirmative vote of the holders of at least 75% of the outstanding shares of the common stock of Snyder’s-Lance.  If any condition to the acquisition is not satisfied or waived, the completion of the acquisition could be significantly delayed, or may not occur at all.  We and Snyder’在某些情況下，S-Lance也可以終止合併協議，我們可能需要支付198.6美元的終止費。有關更多信息，請參閲我們於2017年月18向證交會提交的表格8-K.此外，還有幾起未決訴訟，除其他外，要求禁止這宗收購。有關這些訴訟的更多信息，請參閲我們截至2018年月28日的10-Q表季度報告中的合併財務報表附註16。如果我們不完成收購，或者如果收盤價明顯延遲，我們的業務或財務結果可能會受到不利影響。

獲得斯奈德-蘭斯的預期利益可能沒有完全實現.

We expect that the acquisition of Snyder’s-Lance will result in various benefits including, among other things, cost savings, cost synergies, a strengthened market position and revenue opportunities.  Achieving these anticipated benefits is subject to uncertainties, including whether we integrate in an efficient and effective manner, and general competitive factors in the marketplace.  Integrating Snyder’s-Lance will be a complex, time-consuming and expensive process.  We 可能會遇到與融合有關的意外困難或費用，包括：

•將管理層的注意力從正在進行的業務中轉移開來；

•管理更大的合併業務；

•最後確定斯奈德-蘭斯過去收購的整合程度，但尚未完成；

•產品向消費者提供產品產品的不良變化，不論這些變化是否有效偶然發生；

•承擔未知風險和負債；

•保留斯奈德的主要供應商和客户；

•吸引新的業務和業務關係；

•留住和整合關鍵員工，保持員工士氣；以及

•意外費用或延誤。

收購後，我們可能會尋求將某些操作、功能、系統和流程結合起來，但在實施過程中可能會失敗或延遲。雖然我們假設，與Snyder‘s-Lance收購有關的一定水平的費用、交易成本、與收購相關的成本、協同增效成本和整合成本可能會超出預期。此外，還有許多因素超出了我們的控制範圍和斯奈德-蘭斯的控制範圍，這些因素可能會影響這些費用的總額或時間。Although we expect that the elimination of duplicative costs and realization of other efficiencies related to the integration of the businesses will offset incremental costs over time, any net benefit may not be achieved in the near term or at all.  The failure to effectively address any of these risks, or any other risks related to the integration of the Snyder’s-Lance acquisition, may adversely affect our business or financial results.

我們將承擔大量債務，以資助收購斯奈德的-蘭斯.

與收購Snyder‘s-Lance和償還Snyder’s-Lance債務有關，我們預計通過高級無擔保票據和高級無擔保定期貸款組合，將產生約62億美元的債務。如此龐大的負債水平可能對我們的業務產生重要影響，包括但不限於：

•增加我們的償債義務，使我們更難以履行我們的義務；

•增加我們面對利率波動的風險；

•使我們受到金融和其他契約的約束，而不遵守這些契約可能導致違約事件；

•增加我們對一般不利經濟和工業狀況的脆弱性，並減少我們對這些情況作出反應的靈活性；

•限制我們在規劃業務和我們經營的行業的變化時的靈活性，或對這些變化作出反應，包括進行重大的資本項目；

•與我們的競爭對手相比，我們處於競爭劣勢，因為他們的槓桿比率不高；以及

•限制我們追求某些商業機會，包括其他收購。

此外，我們定期進入商業票據市場，以滿足營運資金需求和其他一般公司用途。我們預計在我們收購斯奈德的蘭斯之後，我們的信用評級會被下調.信用評級下調可能會增加我們的借貸成本，並影響我們發行商業票據的能力。如果我們的信用評級進一步被下調，或者我們的信用評級可能會低於我們對此次收購的預期，我們可能無法出售更多的債務證券，也無法按照如果我們的信用評級得以維持的話，按現有的金額和條件借入資金。商業票據市場的中斷或其他不穩定的經濟條件對信貸市場的影響也可能減少我們可以發行的商業票據的數量，並提高短期和長期債券發行的借貸成本。我們不能保證我們能以我們認為可以接受的條件進入資本市場。限制我們進入資本市場的能力、減少我們的流動資金或增加我們的借貸成本，可能會對我們的業務或財務結果產生不利影響。

斯奈德的-蘭斯和我們的財務信息是固有的不確定性，我們未經審計的綜合財務數據包括和參考納入本招股説明書補充是初步的。合併後我們的實際財務狀況和業務可能與這些估計數和未經審計的合併財務數據有很大的不同，這些數據包括在本招股説明書的補充中，並以參考的方式納入其中。

我們未經審計的合併財務報表包括在本招股説明書的補充文件中，並以參考的方式納入，只是為了説明目的，包含各種調整、假設和初步估計，並不一定表示如果在所述日期完成合並，我們的實際財務狀況或業務結果。合併後我們的實際結果和財務狀況可能有所不同。從未經審計的形式合併財務數據，包括和納入本招股説明書補充中引用的實質性和負面的。

The unaudited pro forma financial information has been derived from the audited and unaudited historical financial statements of us and Snyder’s-Lance, and reflects assumptions and adjustments that are based upon preliminary estimates and our successful completion of the Merger and this notes offering.  The assets and liabilities of Snyder’s-Lance have been measured at fair value based on various preliminary estimates using assumptions that our management 相信是合理地利用現有的信息。估算獲得的資產和假定負債的公允價值的過程需要在確定適當的假設和估計時使用判斷。這些估計可能會隨着更多信息的提供和額外分析的進行而被修正。因此，最終的購置會計調整可能會有很大的不同。

from the pro forma adjustments reflected herein.  In addition, the assumptions used in preparing the unaudited pro forma financial information, including assumptions as to the successful completion of the Merger and this notes offering may not prove to be accurate, and other factors may adversely affect our financial condition or results of operations following the closing of the Snyder’s-Lance acquisition and negatively impact the price of our securities, including the notes.

我們可修訂合併協議，使其對債券持有人不利。

有關債券的高級契約並不限制Snyder‘s-Lance和我們修改合併協議，任何此類修改都可能對票據持有人的利益造成重大損害。修改將不經票據持有人批准，也不要求我們贖回您的票據。

與債券及發行有關的風險

這些票據實際上將從屬於我們可能產生的任何有擔保債務和我們子公司的債務，這可能會限制您的收回。

The notes are our unsecured obligations, and will rank equally in right of payment with all of our other existing and future unsecured, senior obligations and are structurally subordinated to the existing and future indebtedness and other liabilities of our subsidiaries.  The notes are not secured by any of our assets, and will not be secured by the assets of Snyder’s-Lance.  Any future claims of secured 貸款人對其貸款擔保的資產將優先於債券持有人對這些資產的任何要求。在2018年月28日，我們沒有任何擔保債務未償還。

我們的附屬公司是獨立而獨特的法律實體。我們的附屬公司不為票據提供擔保，也沒有義務支付根據這些票據到期的任何款項，或以其他方式向我們提供任何資金，以償還我們的債務，無論是股息、貸款還是其他付款。這些票據在結構上從屬於我們子公司的負債和其他負債。assets of any subsidiary upon its liquidation or reorganization, and the ability of holders of the notes to benefit indirectly therefrom, will be effectively subordinated to the claims of creditors of that subsidiary, including trade creditors.  Our pro forma indebtedness as of January 28, 2018, after giving effect to the Transactions, would be approximately $10.1 billion, approximately $501 million of which would be subsidiary indebtedness that is structurally senior to the notes.

這些債券沒有固定的公開交易市場。

每一批債券都是一種新發行的證券，沒有既定的交易市場。如果一個交易市場不發展或沒有維持，持有一系列債券的人可能會發現很難或不可能轉售他們的票據。如果一個交易市場正在發展，則該系列票據的價格可能高於或低於他們的首次公開發行(IPO)價格。price, depending on many factors, including prevailing interest rates, our operating results and financial condition and the market for similar securities.  The underwriters are not obligated to make a market in any series of notes, and if they do so they may discontinue any market-making activity at any time without notice.  Accordingly, there can be no assurance regarding any future development of a trading market for any series 或票據持有人出售其票據的能力，或該等持有人可以何種價格出售其票據。

我們的信用評級或金融和信貸市場的變化可能會對TH的市場價格產生不利影響。e筆記。

這些債券的市價將以若干因素為基礎，包括：

•我們對主要信用評級機構的評級，包括對每一批票據的評級(;)

•與美國;類似的公司目前正在支付的利率。

•我們的經營業績、財務狀況、財務業績和未來前景;和

•金融和信貸市場的總體狀況。

信用評級機構不斷審查他們所跟蹤的公司的評級，包括我們，並根據需要修改這些評級。信用評級機構還評估整個食品和飲料行業，並可能根據他們對我們的業務和行業的總體看法改變他們對我們的信用評級。我們預計在我們收購斯奈德的蘭斯之後，我們的信用評級會被下調.信用評級的負面變化可能會對債券的價格產生不利影響。此外，金融及信貸市場的狀況，以及當時的利率，在過去曾出現波動，將來亦可能出現波動；過去，全球經濟曾出現嚴重的混亂，包括信貸及資本市場的波動，這些因素的波動或市場情況的惡化，都可能對債券的價格造成不良影響。特別是，美國聯邦儲備委員會或其他中央銀行可能會提高利率或對加息的預期可能發生變化。當前利率或利率預期的提高可能會對債券的價格產生重大影響。

儘管我們目前的債務水平和我們預期在合併方面的負債，但我們可能仍然會承擔更多的債務。

票據和發行票據的高級契約不對我們可能發生的債務數額施加任何限制。作為債券持有人，我們的額外債務可能會對你方產生重要影響，包括使我們更難履行與票據有關的義務，使你方票據的市場價值損失，以及降低或撤回債券信用評級的風險。

在高級契約中有有限的契約來管理這些票據。

The senior indenture governing the notes contains limited covenants, including those restricting our ability and certain of our subsidiaries’ ability to incur certain debt secured by mortgages, pledges or liens, engage in sale/leaseback transactions or merge or consolidate with another entity.  The limitations on incurring debt secured by mortgages, pledges or liens and sale/leaseback transactions contain certain exceptions.  The covenants in the senior indenture do not 限制我們可能招致的額外債務數額，不要求我們保持任何財務比率或淨資產、收入、收入、現金流量或流動性的特定水平。見所附招股説明書中的“債務證券説明”。鑑於這些例外情況，債券持有人可能實際上從屬於我們可能產生的任何新債務。

在發生特殊贖回時，我們必須贖回所有未清本金總額。如果我們被要求在這樣的時間贖回這些紙幣，你可能無法獲得你期望的票據回報。

在發生特別贖回時，我們必須以相當於本金總額101%的特別贖回價格贖回所有未付票據，加上首次發行日期(或支付利息的最近的利息支付日期)的應計利息和未付利息，但不包括特別贖回日期。合併協議載有慣常條件。對於關閉，其中許多是我們無法控制的，而且我們可能無法在本招股説明書補充文件的首頁規定的特別贖回期限之前完成合並。如果您的票據被贖回，您可能無法獲得您的預期回報，並可能無法再投資的收益從一個特別贖回，在一個投資，以獲得類似的回報。

In addition, as a result of the Special Redemption provisions of the notes, the trading prices of the notes may not reflect the financial results of our business or macroeconomic factors.  As holders of the notes, you will have no rights under the Special Redemption provisions unless a Special Redemption occurs, nor will you have any rights to require us to repurchase your notes if, between the closing of 本次報價和合並結束後，我們的業務或財務狀況發生任何變化(包括任何重大變化)，或合併協議的條款發生變化，包括在重大方面。

在斯奈德-蘭斯收購結束之前，我們沒有義務把出售票據的收益放在代管中。

如斯奈德-蘭斯的收購沒有在特別贖回期限之前或之前結束，或在特別贖回期限之前，合併協議終止，我們將被要求全部但不部分地贖回所有未清票據，贖回價格相當於特別贖回價格的101%。

本金總額，加上首次發行日期(或支付利息的最近的利息支付日期)的應計利息和未付利息，但不包括特別贖回日期。見“説明説明---對”説明“的特別強制性贖回”。我們沒有義務在Snyder‘s-Lance收購案結束前將票據銷售收益放在代管中，也沒有義務在這些收益上提供擔保權益，而且在此期間我們對這些收益的使用沒有任何限制。因此，我們將需要使用手頭現金、我們自願保留的發行收益或其他流動性來源為任何特殊贖回提供資金。我們不能保證，我們將有足夠的資金，當需要時，作出任何必要的贖回在此提供的票據。任何未贖回任何這些票據將構成違約的高級契約管轄的票據在此提供。

我們可能無法在改變控制後再購買這些鈔票。

在發生控制變更觸發事件(如“票據説明-在發生變更控制觸發事件時提出購買”)，就一系列票據而言，除非我們以前行使了贖回該系列票據的權利，否則，這些票據的每個持有人都有權要求我們回購全部或任何部分。of such holder’s notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase.  If we experience a Change of Control Triggering Event, there can be no assurance that we would have sufficient financial resources available to satisfy our obligations to repurchase the notes.  Our failure to repurchase the notes as 規定將導致高級契約下的違約，該契約將管轄這些票據，這可能對我們和票據持有人產生重大不利後果。見本招股説明書補充中的“票據説明--在發生變更控制觸發事件時提出購買”。

浮動利率票據的應付利息金額每季度只根據利率確定日的三個月libor利率設定一次，利率可能會大幅波動。

歷史上，三個月的libor利率水平經歷了顯著的波動.你應該注意到，三個月期倫敦銀行同業拆借利率的歷史水平、波動和趨勢並不一定代表未來的水平、波動和/或趨勢。3個月期libor利率的任何歷史上升或下降趨勢，並不表示3個月期libor利率在浮動利率期間的任何時候或多或少都有增減的可能，也不應將3個月期libor利率的歷史水平作為其未來表現的指標。您還應注意到，雖然利息支付日或利息期間其他時間的實際三個月libor利率可能高於適用的利率確定日的三個月libor利率，但在該利息期的利息確定日期以外的任何時間，您都不會受益於三個月libor利率。因此，三個月期libor利率的變化可能不會導致浮動利率票據的市場價值發生類似的變化。

加強監管監督，改變確定libor利率的方法，以及在2021之後可能逐步取消libor，可能會對浮動利率票據的價值產生不利影響。

2012，英國政府公佈了對libor的評估結果(通常被稱為“惠特利評論”)。“惠特利審查”就LIBOR的修改提出了若干建議，包括對LIBOR實行法定監管，將LIBOR的責任從英國銀行家協會(“BBA”)移交給一名獨立管理人，修改貸款利率的彙編方法，以及制定利率的新監管和執行機制。根據“惠特利評論”，金融行為管理局(FCA)監管和監管倫敦銀行同業拆借利率的最終規則(FCA)已於2013年4月2日生效(“金融行為監管規則”)。特別是，FCA規則包括以下要求：(1)由獨立的libor管理人監督和調查libor提交的報告，以查明違反慣例標準和(或)可能的操縱行為；(2)向libor提交數據的公司建立和維持明確的利益衝突政策以及適當的制度和控制。此外，根據惠特利審查的建議，洲際交易所基準管理有限公司(“洲際銀行管理局”)已被任命為獨立的倫敦銀行同業拆借利率管理人，自2014年月1日起生效。2017年月27日，金融監管局宣佈，它將不再説服或強迫銀行在2021年底後提交利率以計算libor利率(“fca公告”)。

It is not possible to predict the effect of the FCA Rules, the FCA Announcement, any changes in the methods pursuant to which the LIBOR rates are determined and any other reforms to LIBOR that will be enacted in the U.K. and elsewhere, which may adversely affect the trading market for LIBOR based securities or result in the phasing out of LIBOR as a reference rate for securities.此外，FCA宣佈的任何變化，包括FCA公告、ICE管理局或任何其他後續治理或監督機構，或該機構今後採用的確定LIBOR利率的方法，都可能導致報告的LIBOR利率突然或長期增加或下降。如果發生這種情況，並且在你的證券價值受到所報告的libor利率的影響時，支付利息的水平和證券的價值可能會受到影響。此外，惠特利檢討建議將繼續採用的程度和方式方面的不確定性，以及這些改變的時間，可能會對目前以libor為基礎的證券的交易市場及浮動利率票據的價值造成不利影響。

選定的Snyder‘s-Lance危險因素

選定的Snyder‘s-Lance風險因素來自Snyder’s-Lance表格10-K截至2017財政年度的年度報告，該報告未被納入本招股説明書。

與斯奈德-蘭斯業務有關的風險

斯奈德-蘭斯的表現可能會受到一般經濟狀況或經濟低迷的影響。

經濟活動的全面下降可能會對斯奈德的業務和財務業績產生不利影響.經濟的不確定性可能會減少消費者的支出，因為消費者決定將什麼列入他們的食品預算。這也可能導致消費者偏好私人標籤產品的轉變。消費者支出的變化可能會導致來自競爭對手或客户的更大壓力，這些壓力可能要求Snyder‘s-Lance增加促銷支出或降低其部分產品的價格和/或限制Snyder-Lance提高或維持價格的能力，這可能會降低他們的收入和盈利能力。

金融市場的不穩定可能會影響斯奈德-蘭斯未來簽訂新信貸協議的能力，或者增加成本。此外，它還可能削弱其客户、供應商、獨立企業主(“ibos”)、第三方分銷商、銀行、保險公司和其他商業夥伴在正常業務過程中履行其義務的能力，這可能使Snyder‘s-Lance蒙受損失，或擾亂其經營業務所依賴的投入的供應。如果斯奈德的一個或多個關鍵業務夥伴因任何原因未能按預期或合同行事，斯奈德的業務可能會受到負面影響。

價格的波動或投入的可得性取決於斯奈德的-蘭斯，包括原材料、包裝、能源和勞動力，可能會對斯奈德的財務業績產生不利影響。

斯奈德-蘭斯的財務結果可能受到原材料和包裝成本或可用性變化的不利影響。雖然Snyder‘s-Lance經常獲得未來交付某些原材料的實質性承諾，但原材料和包裝成本的持續長期上漲，包括但不限於供應緊縮導致的成本上漲，可能會對其財務業績產生不利影響。

斯奈德-蘭斯的運輸和物流系統依賴於汽油和柴油，而斯奈德-蘭斯的製造業務則依賴於天然氣。雖然斯奈德的-蘭斯可能簽訂遠期購買合同，以減少與其中一些成本相關的波動，但這些能源的成本或可用性的持續長期變化可能會對斯奈德的財務業績產生不利影響。

斯奈德的-蘭斯的持續增長需要他們僱用，保留和發展一支高技能的勞動力和有才能的管理團隊。斯奈德-蘭斯的財務業績可能會受到員工競爭加劇、員工更替率增加或員工福利成本增加而增加成本的不利影響。

斯奈德的蘭斯在競爭激烈的食品行業經營.

Price competition and industry consolidation could adversely impact Snyder’s-Lance’s financial results.  The sales of most of Snyder’s-Lance’s products are subject to significant competition primarily through promotional discounting and other price cutting techniques by competitors, some of whom are significantly larger with greater resources.  In addition, there is continuing consolidation in the snack food industry and in retail outlets for snack foods, either of which could increase competition.激烈的競爭增加了Snyder‘s-Lance公司失去一個或多個主要客户、在客户地點失去現有產品授權、失去市場份額和/或貨架空間、增加支出或降低銷售價格的可能性，這可能對Snyder-Lance的業務或財務業績產生不利影響。

Price increases for Snyder’s-Lance’s products that Snyder’s-Lance initiates may negatively impact Snyder’s-Lance’s financial results if not properly implemented or accepted by their customers.  Future price increases, such as those made in order to offset increased input costs, may reduce Snyder’s-Lance’s overall sales volume, which could reduce Snyder’s-Lance’s revenue and operating profit.Snyder’s-Lance may be unable to implement price increases driven by higher input costs on a timely basis or at all, either of which may reduce Snyder’s-Lance’s operating profit.  Additionally, if market prices for certain inputs decline significantly below the prices Snyder’s-Lance is required by contract to pay, customer pressure to reduce the prices for Snyder’s-Lance’s products could 降低斯奈德的收入和營運利潤。

Snyder‘s-Lance的頂級零售客户關係的變化可能會影響Snyder的收入aND盈利能力

Snyder’s-Lance is exposed to risks resulting from several large retail customers that account for a significant portion of their revenue.  Snyder’s-Lance’s top ten retail customers accounted for approximately 55% of Snyder’s-Lance’s net revenue during 2017, excluding sales of their products made by third-party distributors who are outside of their direct-store-delivery distribution network (“DSD network”), with their largest retail customer, Wal-Mart, representing approximately 13% of their 2017, 2016 and 2015 net revenue.  The loss of one or more of Snyder’s-Lance’s large retail customers could adversely affect Snyder’s-Lance’s financial results.  These customers typically make purchase decisions based on a combination of price, service, product quality, product offerings, consumer demand, as well as distribution capabilities and generally do not enter into long-term contracts.  In addition, these significant retail customers may change their business practices related to inventories, product displays, logistics or other aspects of the customer-supplier relationship.  Snyder’s-Lance’s results of operations could be adversely affected if revenue from one or more of these customers is significantly reduced or if the cost of complying with customers’ demands is significant.  If 這些客户中的一個或多個客户的應收賬款將無法收回，斯奈德蘭斯的財務業績可能會受到不利影響。

面對鞏固的零售環境，斯奈德的蘭斯可能無法維持斯奈德的盈利能力。

As the retail grocery industry continues to consolidate and Snyder’s-Lance’s retail customers grow larger and become more sophisticated, their retail customers may demand lower pricing and increased promotional programs.  Further, these customers are reducing their inventories and increasing their emphasis on products that hold either the number one or number two market position and private label products.  If Snyder’s-Lance fails to use 他們的銷售和營銷專長，以保持他們的類別領導地位，以迴應這些趨勢，或如果斯奈德-蘭斯降低他們的價格或增加對斯奈德-蘭斯的產品的促銷支持，無法增加他們的產品銷售量，斯奈德的盈利能力和財務狀況可能受到不利影響。

對Snyder‘s-Lance產品的需求可能受到消費者偏好和口味變化的不利影響，或者如果Snyder’s-Lance無法有效地創新或銷售其產品。

Snyder’s-Lance is a consumer products company operating in highly competitive markets and relies on continued demand for their products.  To generate revenue and profits, Snyder’s-Lance must sell products that appeal to their customers and consumers.  Any significant changes in consumer preferences or any inability on Snyder’s-Lance’s part to anticipate or react to such changes could result in reduced demand for 斯奈德-蘭斯的成功取決於他們對消費者趨勢的反應能力，包括消費者對健康和健康、肥胖、產品屬性和成分的關注。

In addition, changes in product category consumption or consumer demographics could result in reduced demand for Snyder’s-Lance’s products.  Consumer preferences may shift due to a variety of factors, including the aging of the general population, changes in social trends, or changes in travel, vacation or leisure activity patterns.  Any of these changes may reduce consumers’ willingness to purchase Snyder’s-Lance’S產品對其財務業績產生負面影響。

Snyder’s-Lance’s continued success also is dependent on product innovation, including maintaining a robust pipeline of new products, and the effectiveness of advertising and promotional campaigns, marketing programs and product packaging.  Although Snyder’s-Lance devotes significant resources to meet this goal, there can be no assurance as to the continued ability to develop and launch successful new products or variants of existing products, or to 有效地執行廣告、促銷活動和營銷計劃。

英國選民退出歐盟的決定可能會進一步對斯奈德的行動產生負面影響。

英國選民在6月份舉行的退歐公投(“英國退歐”)引發了全球市場的不確定性，導致英鎊相對於美元和其他貨幣大幅貶值。當英國就退出歐盟進行談判時，匯率和英國利率的波動可能會繼續。term, a weaker British pound compared to the U.S. dollar during a reporting period causes local currency results of Snyder’s-Lance’s U.K. operations to be translated into fewer U.S. dollars; a weaker British pound compared to other currencies increases the cost of goods imported into Snyder’s-Lance’s U.K. operations and may decrease the profitability of Snyder’s-Lance’s U.K. operations; and a 英國較高的利率可能會對英國經濟產生抑制作用。從長遠來看，英國退歐對斯奈德(Snyder)-蘭斯(Snyder)英國業務的任何影響，在一定程度上將取決於關税、貿易、監管和其他談判的結果。然而，由於需求疲軟，無論是英國退歐還是消費者偏好，Snyder‘s-Lance確認了4，630萬美元和1，180萬美元的斯奈德-蘭斯歐洲商譽和水壺芯片英國商標，分別在2017。無論是由於消費者的需求還是英國退歐的影響，這類操作的進一步侵蝕都可能導致與斯奈德-蘭斯英國業務相關的額外損害。

對某些食品或配料的安全和質量的關注可能會使消費者避免使用Snyder的-Lance的產品。

如果主要市場的消費者對某些產品或成分的安全和質量失去信心，斯奈德的蘭斯可能會受到不利影響。對這些擔憂的負面宣傳，無論是否有效，都可能使消費者不敢購買產品，或擾亂產品的生產或分銷，並對他們的商業和財務結果產生負面影響。

如果Snyder‘s-Lance的產品被摻假、打錯品牌或貼錯標籤，Snyder’s-Lance可能需要召回這些產品，如果消費者受傷或生病，他們可能會遭遇產品責任索賠。

Snyder’s-Lance may need to recall some of their products if they become adulterated or if they are mislabeled, and may also be liable if the consumption of any of Snyder’s-Lance’s products causes injury to consumers.  A widespread recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of the affected product for a period of time.  A significant product recall or product liability claim could also result in adverse publicity, damage to Snyder’s-Lance’s reputation, and a loss of consumer confidence in the safety and/or quality of their products, ingredients or packaging.  Such a loss of confidence could occur even in the absence of a recall or a major product liability claim.  Snyder’s-Lance also may become involved in lawsuits and legal proceedings if it is alleged that the consumption of any of Snyder’s-Lance’s products causes injury or illness.  A product recall or an adverse result in any such litigation could have an adverse effect on Snyder’s-Lance’s operating and financial results.  Snyder’s-Lance may also lose customer confidence for their 由於任何這樣的召回或程序的結果，整個品牌組合。

斯奈德-蘭斯供應鏈的中斷可能會對斯奈德的業務和財務業績產生不利影響。

Snyder’s-Lance’s ability to manufacture and sell their products may be impaired by damage or disruption to Snyder’s-Lance’s manufacturing or distribution capabilities, or to the capabilities of their suppliers or contract manufacturers, due to factors that are hard to predict or beyond their control, such as adverse weather conditions, natural disasters, fire, pandemics or other events.  Failure to take adequate steps to 減輕此類事件的可能性或潛在影響，或在發生此類事件時有效管理這些事件，可能會對Snyder的業務或財務結果產生不利影響，特別是在產品或成分從單一供應商或地點採購的情況下。此外，根據最近的運輸業立法，貨運承運人的數量可能會減少，造成承運人短缺和貨運成本上升。

Snyder‘s-Lance公司的信息技術系統可能受到不足之處或安全漏洞的不利影響。

Snyder’s-Lance increasingly rely on information technology systems to conduct their business.  These systems can enhance efficiency and business processes but also present risks of unauthorized access to Snyder’s-Lance’s networks or data centers.  If unauthorized parties gain access to Snyder’s-Lance’s systems, they could obtain and exploit confidential business, customer, or employee information and harm Snyder’s-Lance’s 競爭地位：此外，這些信息系統可能遭受損壞、故障、中斷、錯誤、效率低下、攻擊或遭受火災或自然災害之苦，如果它們的安全措施和災後恢復計劃不能充分減輕，任何這些都可能對斯奈德的業務和財務結果產生不利影響。

Furthermore, with multiple information technology systems as a result of acquisitions, Snyder’s-Lance may encounter difficulties assimilating or integrating data.  In addition, Snyder’s-Lance is currently in the process of consolidating systems which could provide additional security or business disruption risks which could have an adverse impact on Snyder’s-Lance’s business and financial results.

不當使用或濫用社交媒體可能會對斯奈德的業務和財務產生不利影響。結果

Consumers are moving away from traditional means of electronic mail towards new forms of electronic communication, including social media.  Snyder’s-Lance supports new ways of sharing data and communicating with customers using methods such as social networking.  However, misuse of social networking by individuals, customers, competitors, or employees may result in unfavorable media attention which could negatively affect Snyder’s-Lance’s business.  Further, Snyder蘭斯的競爭對手越來越多地利用社交媒體網絡來推銷和宣傳產品，如果Snyder‘s-Lance’s無法在這種環境下競爭，可能會對他們的財務業績產生不利影響。

Snyder‘s-Lance的DSD網絡依賴大量Ibos，這種依賴可能會影響Snyder-Lance高效和有利可圖地分銷和銷售產品、維護現有市場和將業務擴展到其他地理市場的能力。

Snyder’s-Lance’s DSD network relies on over 2,800 IBOs for the sale and distribution of Branded and Partner brand products.  IBOs must make a commitment of capital and/or obtain financing to purchase a route business and other equipment to conduct their business.  Certain financing arrangements, through third-party lending institutions, are made available to IBOs and requires Snyder’s-Lance to repurchase a route business if the IBO defaults on their loan and Snyder’s-Lance then is required to collect any shortfall from the IBO, to the extent possible.  The inability of IBOs, in the aggregate, to make timely payments could require write-offs of accounts receivable or increased provisions made against accounts receivable, either of which could adversely affect Snyder’s-Lance’s financial results.

The ability to maintain a DSD network depends on a number of factors, many of which are outside of Snyder’s-Lance’s control.  Some of these factors include:  (i) the level of demand for the brands and products which are available in a particular distribution area; (ii) the ability to price products at levels competitive with those offered by competing producers; and (iii) the ability to deliver products in the quantity and at the time ordered by IBOs and retail customers.  There can be no assurance that Snyder’s-Lance will be able to mitigate the risks related to all or any of these factors in any of their current or prospective geographic areas of distribution.  To the extent that any of these factors have an adverse effect on Snyder’s-Lance’s 與Ibos的關係，從而限制了銷售市場的維護和擴張，Snyder的收入和財務業績可能受到不利影響。

Identifying new IBOs can be time-consuming and any resulting delay may be disruptive and costly to the business.  There also is no assurance that Snyder’s-Lance will be able to maintain current distribution relationships or establish and maintain successful relationships with IBOs in new geographic distribution areas.  There is the possibility that Snyder’s-Lance will have to incur significant expenses to attract and maintain IBOs in 一個或多個地理分佈區。這些因素中任何一個的發生都可能導致通過DSD網絡增加開支或大幅度減少銷售量，並損害Snyder‘s-Lance的業務和財務業績。

Snyder‘s-Lance的DSD網絡的運行中斷可能會對其運營結果、財務狀況和現金流產生負面影響。

Snyder’s-Lance believes that their DSD network is a significant competitive advantage.  A material negative change in Snyder’s-Lance’s relationship with the IBOs could materially and negatively affect their financial condition, results of operations, cash flows, and ability to operate and conduct their business.  In addition, litigation or one or more adverse rulings by courts or regulatory or governmental bodies regarding the DSD network, 包括可能影響Ibos的獨立承包商分類的行動或決定，或因Ibos所採取的行動而對Snyder‘s-Lance作出的不利判斷，可能會對其財務狀況、運營結果、現金流以及經營和經營業務的能力產生重大和負面影響。For example, a number of putative class actions against Snyder’s-Lance and certain of its subsidiaries have been filed by plaintiffs comprising IBOs alleging, among other things, that they were misclassified as independent contractors and should be considered employees, and an adverse ruling in any such litigation could materially and negatively affect their financial condition, results of operations, cash flows, and ability to operate and conduct their business.

持續的成功取決於斯奈德的商標和其他專利知識產權的保護。

Snyder’s-Lance maintains numerous trademarks and other intellectual property rights, which are important to Snyder’s-Lance’s success and competitive position, and the loss of or Snyder’s-Lance’s inability to enforce trademark and other proprietary intellectual property rights could harm their business.  Snyder’s-Lance devotes substantial resources to the establishment and protection of their trademarks and other proprietary intellectual property rights on a worldwide basis.  Efforts to establish and protect trademarks and other proprietary intellectual property rights may not be adequate to prevent imitation of products by others or to prevent others from seeking to block sales of Snyder’s-Lance’s products.  In addition, the laws and enforcement mechanisms of some foreign countries may not allow for the protection of proprietary rights to the same extent as in the U.S. and other countries.

商譽或其他無形資產的賬面價值減值可能會對斯奈德-蘭斯的財務業績產生不利影響。

The net carrying value of goodwill represents the fair value of acquired businesses in excess of identifiable assets and liabilities, and the net carrying value of other intangibles represents the fair value of trademarks, customer relationships, route intangibles and other acquired intangibles.  Pursuant to GAAP, Snyder’s-Lance is required to perform impairment tests on Snyder’s-Lance’s goodwill and indefinite-lived intangible assets annually, or at any time when events occur, which could impact the value of Snyder’s-Lance’s reporting unit or their indefinite-lived intangibles.  These values depend on a variety of factors, including the success of Snyder’s-Lance’s business, market conditions, earnings growth and expected cash flows.  Impairments to goodwill and other intangible assets may be caused by factors outside Snyder’s-Lance’s control, such as increasing competitive pricing pressures, changes in discount rates based on changes in cost of capital or lower than expected sales and profit growth rates.  In addition, if Snyder’s-Lance sees the need to consolidate certain brands, Snyder’s-Lance could experience impairment of their trademark intangible assets.  During 2017, Snyder’s-Lance recognized impairment charges of $46.3 million and $58.4 million for goodwill and trademarks, respectively.斯奈德-蘭斯業務的重大和出乎意料的變化可能需要在未來一段時期增加非現金減值費用，這可能會顯著影響斯奈德-蘭斯在此期間的財務業績。

新的法規或立法可能會對斯奈德的業務和財務業績產生不利影響。

Food production and marketing are highly regulated by a variety of federal, state and other governmental agencies.  New or increased government regulation of the food industry, including but not limited to areas related to food safety, chemical composition, production processes, traceability, product quality, packaging, labeling, school lunch guidelines, promotions, marketing and advertising (particularly such communications that are directed toward children), product recalls, records, storage and distribution could adversely impact 斯奈德的-蘭斯的經營結果，增加生產成本或限制斯奈德的經營和分配方法。這些規定可能涉及食品工業或社會因素，如肥胖，營養和環境問題和飲食趨勢。

斯奈德的蘭斯受到法律複雜性的影響，並可能成為可能對他們的業務產生不利影響的訴訟當事人。

Increasing legal complexity may continue to affect Snyder’s-Lance’s operations and results in material ways.  Snyder’s-Lance is or could be subject to legal proceedings that may adversely affect their business, including class actions, administrative proceedings, government investigations, employment and personal injury claims, disputes with current or former suppliers, claims by current or former IBOs, and intellectual property claims (including claims that Snyder’s-Lance infringed another party’s trademarks, copyrights, or patents).  Inconsistent standards imposed by governmental authorities can adversely affect Snyder’s-Lance’s business and increase Snyder’s-Lance’s exposure to litigation For example, a number of putative class actions against Snyder’s-Lance and certain of its subsidiaries have been filed by plaintiffs comprising IBOs alleging, among other things, that they were misclassified as independent contractors and should be considered employees.  Litigation involving the independent contractor classification of the IBOs, as well as litigation related to disclosure made by Snyder’s-Lance in connection therewith, if determined adversely, could increase costs, negatively impact their business prospects and the business prospects of the IBOs and subject Snyder’s-Lance to incremental liability for their actions.  Snyder’s-Lance is also subject to the legal and 與隱私、數據收集、保護和管理有關的合規風險，特別是與Snyder‘s-Lance從其僱員那裏收集的信息有關的風險，以及Snyder-Lance在向客户、Ibos和零售商提供產品時收集的信息。

斯奈德-蘭斯的海外業務給他們的業務帶來了額外的風險。

Snyder’s-Lance operates their business and markets their products internationally.  Snyder’s-Lance’s foreign operations are subject to the risks described above, as well as risks related to fluctuations in currency values, foreign currency exchange controls, compliance with foreign laws, compliance with applicable U.S. laws, including the Foreign Corrupt Practices Act, and other economic or political uncertainties.  International sales are subject to risks related to 一般經濟條件、徵收關税、配額、貿易壁壘和其他限制、在外國管轄範圍內執行補救措施、遵守適用的外國法律以及其他經濟和政治不確定性，所有這些風險都可能導致成本增加或收入減少，這可能對斯奈德-蘭斯的財務結果產生不利影響。

 

收益的使用

我們估計，我們將從這次發行的票據銷售中獲得大約百萬美元的淨收益(扣除承銷折扣和我們估計的發行費用後)。the notes in this offering, together with borrowings under the New Credit Agreement described below to fund the cash consideration and other amounts payable under the Merger Agreement, including the repayment of approximately $1.1 billion of outstanding indebtedness of Snyder’s-Lance in connection with the consummation of the acquisition, and to pay fees and expenses associated with the foregoing.  We intend to use any remaining net proceeds from 2018年月28，我們有大約13億美元的商業票據借款，加權平均期限為55天，年加權平均利率為1.76%。

我們預計將使用新信貸協議下的資金，該協議允許我們在合併結束之日一次性提取至多12億美元的本金，用於支付根據合併協議應支付的部分現金和其他款項。根據目前的預期，我們打算根據新信貸協議，為完成收購斯奈德公司而一次性提取9億美元。然而，我們的期望可能會改變，如果有必要，我們可能會為收購Snyder‘s-Lance提供資金。

Snyder‘s-Lance的未償債務預計將由我們償還與合併有關的11億美元，根據一項高級無擔保信貸協議，期限2018為4，900萬美元，2019為2.33億美元，此後為8.02億美元。斯奈德的-蘭斯有利率互換協議到位，以確定部分利率。包括利率掉期協議的影響，加權平均利率為3.41%。

This offering is not contingent on the consummation of the Snyder’s-Lance acquisition.  However, if we do not complete the Snyder’s-Lance acquisition on or before the special redemption deadline set forth on the cover page of this prospectus supplement, or, if prior to such date, the Merger Agreement is terminated, then we must redeem all of the outstanding notes at a special redemption price equal to 本金總額的101%，另加首次發行日期(或支付利息的最近的利息支付日期)的應計利息及未付利息，但不包括本招股章程補編內“票據説明-債券的特別強制贖回”所述的特別贖回日期。

 

收入與固定費用的比率

下表列出了我們在所列期間的收入與固定費用的綜合比率：

The ratios of earnings to fixed charges were computed by dividing our earnings by fixed charges.  For this purpose, earnings include the sum of earnings from continuing operations before taxes, amortization of capitalized interest, and fixed charges, less capitalized interest.  Fixed charges include interest expense, capitalized interest, amortization of debt expenses and one-third of rent expense, which represents a reasonable approximation of the interest factor.  Beginning in 2016財政年度，債券發行費用攤銷包括在利息支出中。所有金額均按報告的方式計算。

In the six months ended January 28, 2018, and fiscal years ended 2017, 2016, 2015, 2014, and 2013, we incurred pre-tax losses/(gains) of $(14) million, $(178) million, $313 million, $138 million, $31 million, and ($285) million, respectively, associated with mark-to-market adjustments for defined benefit pension and postretirement plans.  In the six months ended January 28, 2018, and fiscal years ended 2017, 2016, 2015, 2014, and 2013, we recorded pre-tax restructuring charges, implementation costs and other related costs associated with our cost savings initiatives of $79 million, $58 million, $78 million, $124 million, $58 million, and $138 million, respectively.  In the six months ended January 28, 2018, we incurred pre-tax transaction costs of $24 million associated with the pending acquisition of Snyder’s-Lance, Inc.  In the six months ended January 28, 2018, we recorded a pre-tax non-cash impairment charge of $75 million related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit.  In fiscal year 2017, we recorded a pre-tax non-cash impairment charge of $212 million related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and the Garden Fresh Gourmet reporting unit and a pre-tax reduction to interest expense of $6 million associated with the sale of intercompany notes receivable to a financial institution.  In fiscal year 2016, we recorded a pre-tax non-cash impairment charge of $141 million related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and a pre-tax gain of $25 million from a settlement of a claim related to the Kelsen acquisition.  In fiscal year 2014, we recorded a pre-tax loss of $9 million 用外匯遠期合約來對衝出售歐洲簡單餐飲業的收益。在2013財政年度，我們記錄了與收購博爾豪斯農場相關的1，000萬美元税前交易成本。

 

資本化

下表列出截至2018年度1月28日的總市值：

•實際情況；

•在本發行生效後作出的調整(但不包括從該等發行中獲得的收益的使用)；及

•作為調整後的形式，使交易生效，包括本次發行和使用本次發行的收益，如“收益的使用”所述。

實際金額可能會因以下幾個因素而有所不同，如調整後的金額，包括由於市場條件或完成斯奈德-蘭斯收購的時機，我們的融資計劃可能發生變化。

You should read the data set forth in the table below in conjunction with “Use of Proceeds” and the unaudited pro forma combined financial statements and the related notes thereto contained elsewhere in this prospectus supplement and with our unaudited consolidated financial statements as of and for the quarter ended January 28, 2018, and the information under the caption “Item 2.  Management’s Discussion 及財務狀況及營運結果分析“在截至2018年月28的第10至Q表季報中，每一份報告均以參考本招股章程的方式納入本章程增訂本。下列經調整的資料的形式可能不會反映我們未來的現金、債務及資本化情況。

 

(1)包括 債務發行費用和“調整後的”和“作為調整的”包括與發行債券有關的債務發行費用，以資助斯奈德的-蘭斯收購，包括以前發生的200萬美元債務發行費用。

(2)2017年月29日，我們簽訂了“新信貸協議”，允許我們在合併結束之日進行一次提取，總本金可達12億美元。根據目前的預期，我們打算根據新信貸協議，為收購Snyder-Lance公司提供9億美元的單筆抽獎。然而，我們的期望可能會改變，如果有必要，我們可能會為收購Snyder‘s-Lance提供資金。

(3)我們的美國信貸安排提供了至多18.5億美元的借款。截至2018年月28，我們在美國信貸工具下有18.5億美元的未使用可用資金(在生效後)1按實際、經調整和調整後的形式計算的未付備用信用證(百萬份)。

(4)我們的加拿大信貸設施提供了高達1.22億美元的借款。截至2018年月28，我們在加拿大信貸機制下獲得了700萬美元的未使用貸款，這些貸款是以實際的、經調整的和形式調整的基礎上提供的。

 

未經審計的合併財務信息

The following unaudited pro forma combined financial information was based on and should be read in conjunction with the (i) historical consolidated financial statements of Campbell included in its Annual Report on Form 10-K for the year ended July 30, 2017 and its Quarterly Report on Form 10-Q for the six months ended January 28, 2018 (each of which is incorporated by reference herein); and (ii) the audited consolidated financial 截至2017年月日及截至12月30日止年度的斯奈德-蘭斯報表(見本報告所載)及其截至7月1日(2017)終了的六個月的10-Q表季度報告(本報告未包括或合併)。未經審計的合併損益表和資產負債表使交易生效，就好像這些交易發生在8月1，2016和1月28日，2018為資產負債表的目的一樣。

坎貝爾的財政年度將於7月30日結束，斯奈德的財政年度將於12月30日結束。The unaudited pro forma combined statement of earnings for the six months ended January 28, 2018 combines Campbell’s six months ended January 28, 2018 with Snyder’s-Lance’s six months ended December 30, 2017; the unaudited pro forma combined statement of earnings for the year ended July 30, 2017 combines Campbell’s year ended July 30, 2017 with Snyder’s-Lance’s twelve months ended July 1, 2017.斯奈德的-蘭斯6個月截至12月30日，2017的損益表是從截至12月30，2017的財報中得出的，經調整後不包括截至7月1日的6個月的財報。斯奈德的-蘭斯12個月截至7月1日，2017的損益表是從截至12月31日，2016的財報中得出的，調整後的6個月包括截至7月1日，2017，2017的六個月，並調整為不包括截至7月2日，2016的六個月。未經審計的綜合資產負債表信息將坎貝爾的中期未經審計的1月28日，2018資產負債表與截至12月30日的斯奈德-蘭斯年度資產負債表合併。

對歷史財務信息進行了調整，以實施直接可歸因於交易的形式上的事件，這些事件在事實上是可以支持的，而且就形式報表而言，預計這些活動將繼續對合並結果產生影響。

未經審計的合併財務信息應與未審計的合併財務報表的附註一併閲讀，不一定表示交易截至所示日期已完成的合併業務結果或財務狀況。未經審計的合併財務信息沒有反映任何可能從交易中實現的整合費用或節餘。未經審計的合併財務信息無意預測合併公司未來的經營結果或財務狀況。收購Snyder‘s-Lance將作為業務合併核算，並將反映按照會計準則編碼(ASC)805進行的購置會計的應用。業務合併。形式上的調整是根據對截至本預期補編之日所獲得的資產和假定負債的公允價值和現有資料的初步估計數進行的。某些估值和評估，包括對庫存、廠場資產、其他無形資產的估值以及對合並業務的税收狀況和税率的評估，正在進行之中，在擬議收購結束後才能完成。此外，未經審計的合併財務信息中對交易的考慮是基於股票、股權裁決和截至本文件最近日期的未償債務，這可能與收購Snyder‘s-Lance結束之日的股票、股權裁決和未償債務不同。預計為收購Snyder‘s-Lance而發生的債務包括在未經審計的財務信息中，反映了坎貝爾根據當前市場利率預期達到的條件和利率。實際融資和融資條款將取決於市場條件。實際調整數可能與未經審計的合併財務報表中反映的數額不同，差異可能是重大的。

 

坎貝爾湯公司
未經審計的Pro Forma合併損益表
截至2018年月28止的六個月
(百萬美元，每股數額除外)

 

坎貝爾湯公司
未經審計的Pro Forma合併損益表
截至七月三十日止的一年，2017
(百萬美元，每股數額除外)