根据第424(B)(2)条提交
注册编号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.

待完成后，日期为2018，3月12

初步招股章程补编
(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元纸币、2025元纸币和2028元纸币，即“固定利率票据”)，在每种情况下，均按上述本金总额计算。浮动汇率票据和固定汇率票据统称为“票据”。

2020种浮动利率债券每年将以相当于三个月libor加基点的浮动利率支付利息，而2021种浮动利率债券将以相当于三个月libor加年息基点的浮动利率支付利息。每个系列的浮动利率票据的利息按每季度和每年支付。开始，2018。

从2018开始，每个系列的固定利率票据将产生利息，每半年支付一次。开始，2018。

2017年月18日，我们签订了一项合并协议和计划(“合并协议”)，由我们公司和我们中间的一家间接的全资子公司(“合并子”)和斯奈德的-兰斯公司(snyder‘s-lance，inc.)签订。(“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 根据合并协议应支付的现金和其他款项，并支付与上述事项有关的费用和费用。我们打算将剩余的收益用于一般的公司用途，其中可能包括商业票据的偿还。此次发行并不取决于完成斯奈德-兰斯的收购。

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 包括首次发行日期(或支付利息的最近一次利息支付日期)至但不包括特别赎回日期的应计利息及未付利息。我们将这种救赎称为“特殊救赎”。本次发行的收益没有代管账户或担保权益，以造福于票据持有人。见“说明说明---对”说明“的特别强制性赎回”。除本特别赎回条款外，我们可於任何时间全部或部分赎回固定汇率票据，赎回价格载列於“债券说明-固定利率债券的可供选择赎回”内。如如本招股章程增订本所述发生更改控制触发事件，除非我们已行使赎回权，否则我们须以相当于其本金百分之一百零一的购买价格，再加上截至购买日期的应计利息及未付利息(如有的话)，提出购买该等票据。参见“说明票据-提供购买时，控制的变化触发事件。”

这些债券将是我们无担保的高级债务，与我们现有和未来所有无担保的高级债务一样，这些债券不会在任何证券交易所上市。目前，这些债券没有公开市场。

投资于债券涉及风险。参见 “危险因素” 从S-13页开始。

 

 

(1)如在该日后结算，则另加应计利息(如有的话)，由2018开始计算。

 

证券交易委员会和国家证券监督管理委员会均未批准或不批准本招股说明书或所附招股说明书是否准确或完整。任何相反的陈述均属刑事犯罪。

承销商预计将通过欧洲清算银行S.A./N.V.的帐面分录交付系统向投资者交付票据，该系统是欧洲清算银行或Clearstream银行的运营商，Sociétéanonyme，视情况而定，此后在可用资金中支付2018英镑或约2018英镑。

 

联合账务经理

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 其中在此类信息的日期之后的任何时间都是正确的。

目录

页

招股章程

页

招股说明书

 

关于这份招股说明书的补充

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 补充，将适用，并将取代该信息在所附的招股说明书。

在作出投资决定时，你必须阅读并考虑本招股说明书及所附招股章程所载的所有资料。你亦应阅读及考虑我们在下文“你可以找到更多资料的文件”内所载的资料。

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 对合并或TH发行的影响e笔记。

关于前瞻性陈述的披露

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,“目标”和类似的表述。人们也可以通过它们与历史或当前事实不严格相关这一事实来识别前瞻性陈述。这些陈述反映了我们目前的计划和预期，以及我们在合并完成后对合并公司、我们的业务、行业和其他未来情况的假设，并以我们目前掌握的信息为基础。它们依赖一些关于未来事件和估计的假设，这些假设可能不准确，而且固有地会受到风险和不确定性的影响。

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 包装材料成本；针对我们的诉讼和监管行动的不确定性；我们某些业务使用的独立承包商分配模式可能受到干扰，包括影响其独立承包商分类的诉讼或管制行动；非美国业务的影响，包括进出口限制、公共腐败和遵守外国法律和法规；商誉或其他无形资产的减值；我们的能力保护我们的知识产权；增加与

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 灾难或其他灾难，以及在本招股说明书补编中“风险因素”下描述的其他因素，以及我们最近的10-K表格年度报告和随后的SEC文件。对不确定性的讨论绝不是详尽无遗的，而是为了突出可能影响我们的前景的重要因素。我们拒绝任何义务或意图更新前瞻性声明，以反映新的信息，事件或情况后，他们作出。

在那里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，感兴趣的人可以通过电子方式访问我们的公开文件。您也可以通过我们的网站www.cambelsoupcompany.com，在“投资者中心-金融信息-SEC文件”的标题下，以电子方式访问这些文件。我们不会将该网站的内容纳入本招股说明书补编。

美国证券交易委员会允许我们“引用”我们向他们提交的信息，这意味着我们可以通过引用这些文件来向你披露重要的信息。引用所包含的信息是本招股说明书补充的一个重要部分，我们稍后向SEC提交的信息将自动更新和取代这些信息。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:

•我们的年度报告表10-K的财政年度，截至7月30日，2017；

•我们的季度报告表10-Q为截至#date0#10月29日和2018年月28的季度；

•我们对附表14A的最终委托书已于2017年月6日提交证券交易委员会；

•我们目前关于表格8-K的报告于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日提交给美国证交会。

你可以书面或电话方式，以下列地址向我们索取该等文件的副本，而无须支付任何费用：

公司秘书坎贝尔汤公司
坎贝尔一家
新泽西州卡姆登08103-1799
(856) 342-6122

 

摘要

这份摘要突出了关于我们公司和募股的选定信息，可能不包含对您重要的所有信息。为了更好地理解此次发行，您应该仔细阅读整个招股说明书和附带的招股说明书，以及我们推荐您参考的其他文件。 “你可以在那里找到更多的信息。“

坎贝尔汤公司

我们是高品质、品牌食品和饮料产品的制造商和销售商。我们在1922年月23根据新泽西州的法律成立了一个商业组织；然而，通过先前的组织，我们在食品行业的起步可以追溯到1869。

我们管理我们的业务分为三个部分，主要集中在产品类别上。

•美洲简单餐饮部分，包括美国和加拿大的零售和食品服务业务。该部分包括以下产品：坎贝尔氏浓缩和准备供应的汤；斯旺森肉汤和存货；普雷戈意大利面酱汁；步调墨西哥酱汁；坎贝尔氏孕妇，意大利面，豆类和晚餐酱料；斯旺森家禽罐头；李子食物和零食；V8 果汁和饮料；以及坎贝尔氏番茄汁；截至2007年12月12日，太平洋食品肉汤、汤、非乳制品饮料和其他简单膳食；

•全球饼干和小吃部分，其中包括：胡椒农场饼干、饼干、面包店和美国零售的冷冻产品；Arnott‘s 澳大利亚和亚太地区的饼干；全球的凯尔森饼干。该部分还包括在澳大利亚和亚太地区的简单膳食和稳定货架饮料业务，并从2018财政年度开始，在拉丁美洲开展业务；以及

•坎贝尔新鲜食品部分，包括：博尔豪斯农场新鲜胡萝卜、胡萝卜原料、冷冻饮料和冷藏沙拉酱；花园新鲜调味酱、鹰嘴酱、蘸酱和玉米饼；以及美国冷冻汤业务。

待收购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.根据合并协议的条款，我们应支付的总价和其他款项，包括与完成收购有关的Snyder‘s-Lance的未偿债务约为11亿美元，将约为61亿美元。

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)押记任何法院或其他政府机关发布或颁布的任何命令或法律要求，这些命令或法律要求有效，妨碍合并的完成。根据“人权法”适用的等待期已经终止。坎贝尔和斯奈德-兰斯的义务还须遵守惯例条件，即与另一方的陈述和保证的准确性以及另一方在所有重大方面履行其根据合并协议所承担的义务有关的条件。我们预计收购将于2018日历第一季度结束，尽管不可能。保证交易将在预期的时间内发生或根本不会发生。

我们期望为合并的考虑和相关的费用和费用提供资金，新的债务如下所述---融资交易。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.

斯奈德兰斯，北卡罗来纳州的一家公司，成立于1926，是一家品牌小吃公司，在北美和欧洲都有业务。斯奈德的品牌包括汉诺威斯奈德和兰斯，以及科德角水壶煮熟的薯片和水壶牌薯片。此外，斯奈德的其他品牌包括小吃厂, 椒盐脆饼, 流行秘密和七月底，有机和非转基因有机体玉米饼的制造商。

我们相信，合并将为我们带来若干战略和财政利益，包括：

•加强我们的核心和扩大我们的宏观零食业务，特别是在为您提供更好的零食；

•补充我们现有的胡椒农场业务；

•导致与领先的差异化品牌更多样化和平衡的投资组合；

•促进进入增长较快的分销渠道；以及

•通过协同增效和卓越的运作提供重要的价值创造。

我们警告你方，我们可能无法实现收购的预期效益。见“风险因素-与合并有关的风险”。此外，斯奈德的-兰斯业务受到风险的影响，包括在“风险因素-选择的斯奈德-兰斯风险因素”下描述的风险。

融资交易

我们打算支付根据合并协议条款应支付的现金和其他款项，包括偿还与完成收购有关的Snyder‘s-Lance约11亿美元的未偿债务，并支付与上述事项有关的费用和费用，其中一部分来自发行在此提供的票据的净收益以及根据我们新的定期贷款信贷协议借款。我们打算将发行债券的任何剩余收益用于一般的公司用途，包括商业票据的偿还。

2017年月29日，我们签订了一份12亿美元的3年期贷款协议(“新信贷协议”)，允许我们在合并结束之日与作为行政代理的瑞士信贷公司(CreditSuisse AG)、开曼群岛分行(CreditSuisse AG)以及其中点名的其他贷款人进行一次提取，总本金高达12亿美元。新信贷协议下的贷款收益只能用于收购Snyder-Lance，并支付与此有关的费用和费用以及与新信贷协议有关的费用。根据目前的预期，我们打算根据新信贷协议，为完成收购斯奈德公司而一次性提取9亿美元。然而，我们的期望可能会改变，如果有必要，我们可能会为收购Snyder‘s-Lance提供资金。

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.见“说明说明---对”说明“的特别强制性赎回”。

与合并协议有关，于2017年月18日，我们签订了一份由坎贝尔、瑞士信贷证券(美国)有限责任公司和瑞士信贷公司(“债务承诺书”)组成的桥梁承诺信。根据债务承诺函，贷款方承诺提供364天的高级无担保桥梁贷款信贷安排，总本金高达62亿美元。债务承诺信中的承诺将于2018年月18晚11：59到期。根据债务承诺信提供的任何贷款的利息为(I)经调整的libor加1.000%至2.250%的保证金，或(Ii)经调整的基准利率加上较大的(X)0.000%及(Y)适用的经调整的libor保证金-1.000%。该桥梁设施的初始到期日为缩编日期后364天。在我们签署新信贷协议时，债务承诺函下的承付款额在12月29日(达到50亿美元)永久减少了12亿美元(总额为50亿美元)。债务承付信下的承付款将进一步减少所提票据的现金净收入。

 

企业信息

坎贝尔汤公司于1922在新泽西注册成立。我们的主要执行办公室位于新泽西州卡姆登坎贝尔广场1号，电话号码为(800)257-8443。我们的网站是www.cambelsoupcompany.com。提及我们的网站地址，并不构成以参考方式将网站上所载的资料纳入法团，而该等资料不应视为本招股章程的一部分。我们的普通股在纽约证券交易所上市，代号为“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.”

 

坎贝尔的历史、合并和未经审计的专业表格合并财务信息

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日的历史合并资产负债表信息是从我们的历史合并财务信息中衍生而来的，而不是通过本招股说明书补充中的参考资料。历史结果不一定表示未来可能预期的结果，截至1月28日，2018的六个月的结果不一定表示整个财政年度或任何其他期间的预期结果。

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 如果发生在2018，01月28日，即我们2018财政年度第二季度末。未审计的合并财务信息应与未审计的合并财务报表以及本招股章程补编中的相关附注一并阅读。

未经审计的合并财务资料只供参考之用。未经审计的合并损益表并不一定表示如果交易发生在2016年8月1日便会取得的经营业绩，亦不打算在交易后预测我们未来的财务业绩。未经审计的综合资产负债表摘要资料不包括在内。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：在每种情况下，本招股说明书的补充部分均以参考的方式纳入。请参阅本招股说明书补编中的“您可以找到更多信息的地方”。

 

 

斯奈德-兰斯的历史综合财务信息综述

在下表中，我们向您提供了Snyder‘s-Lance的历史综合财务信息.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“在本招股说明书补充。历史结果不一定表明将来可能预期的结果。

 

未经审计的非GAAP Pro Forma合并坎贝尔的财务信息

我们使用(并通过参考)某些非公认会计原则的财务措施，如证券交易委员会在本招股说明书，补充和附带的招股说明书中定义的。这些非公认会计原则的财务计量是美国普遍接受的会计原则未界定的业绩衡量标准，应在根据美国普遍接受的会计原则报告的措施之外加以考虑，而不是代替这些措施。(“公认会计原则”)。我们认为，提出某些非公认会计原则的财务措施也提供了额外的信息，以便于比较我们的历史经营业绩和趋势，我们的基本经营业绩，并提供透明度，我们如何评估我们的业务。管理层使用这些非GAAP财务措施来做出财务、运营和计划决策，并评估我们的业绩。

影响收入的项目

我们认为，不包括某些不被视为正在进行的经营业绩一部分的项目的财务信息，如以下所列的项目，可以提高年度业绩的可比性。因此，我们相信投资者可以更好地了解我们的结果，不包括这些项目。

下面是我们和斯奈德-兰斯根据公认会计原则和条例S-X第11条提交的未经审计的合并财务信息与调整后的合并财务信息(不包括某些项目)在截至2018年月28和截至7月30日的一年中的对账情况。

这一信息应与未经审计的形式合并财务信息以及未经审计的合并财务报表以及本招股补编其他地方的有关说明一并阅读，标题为“未经审计的专业表格合并财务信息”。未经审计的合并收益表使交易生效，就好像交易发生在2016年月日，目的是为了盈利目的一样。

 

 

下列项目影响收入：

(1)反映了市场对市场的调整对我们的固定福利养老金和退休后的收益。计划。

(2)反映如下：

a.与我们降低成本和精简组织结构的倡议有关的费用。

b.与斯奈德-兰斯的转型计划相关的成本。

(3)反映了一项调整，以排除因颁布减税和就业法案而记录的一次性净所得税优惠，该法案于#date0#签署成为法律。

(4)反映如下：

a.我们的非现金减值费用涉及博尔豪斯农场胡萝卜和胡萝卜配料报告部门和花园新鲜美食报告部门的无形资产。

b.斯奈德-兰斯的非现金减值费用与其欧洲报告部门商誉水壶芯片商标在英国和流行秘密商标。

(5)反映了与Snyder‘s-Lance对钻石食品公司和Metcalfe’s Skinny Limited的收购相关的交易和整合成本。这些开支主要包括专业费用、遣散费和留用费。

(6)反映斯奈德的-兰斯成本与绿宝石生产从斯托克顿，加利福尼亚州到夏洛特，NC。

(7)主要反映了斯奈德公司从集体诉讼保险结算、税务重组费用以及与某些诉讼相关的应计项目中获得的收益。

(8)反映了一项调整，以不包括主要与向金融机构出售公司间应收票据有关的所得税福利，这导致确认为税务目的的票据上的外汇损失，并减少了与出售t的保险费和费用有关的利息费用。他注意到。

 

危险因素

对债券的投资涉及各种风险。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 对我们的业务、财务状况和经营结果造成重大不利影响。我们目前所不知道或目前认为不重要的额外风险和不确定因素也可能损害我们的业务运作和财务状况。

与合并有关的风险

斯奈德的-兰斯收购受到某些关闭条件的制约，如果不满足或放弃，可能会延迟关闭或完全阻止其发生。

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’在某些情况下，S-Lance也可以终止合并协议，我们可能需要支付198.6美元的终止费。有关更多信息，请参阅我们于2017年月18向证交会提交的表格8-K.此外，还有几起未决诉讼，除其他外，要求禁止这宗收购。有关这些诉讼的更多信息，请参阅我们截至2018年月28日的10-Q表季度报告中的合并财务报表附注16。如果我们不完成收购，或者如果收盘价明显延迟，我们的业务或财务结果可能会受到不利影响。

获得斯奈德-兰斯的预期利益可能没有完全实现.

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 可能会遇到与融合有关的意外困难或费用，包括：

•将管理层的注意力从正在进行的业务中转移开来；

•管理更大的合并业务；

•最后确定斯奈德-兰斯过去收购的整合程度，但尚未完成；

•产品向消费者提供产品产品的不良变化，不论这些变化是否有效偶然发生；

•承担未知风险和负债；

•保留斯奈德的主要供应商和客户；

•吸引新的业务和业务关系；

•留住和整合关键员工，保持员工士气；以及

•意外费用或延误。

收购后，我们可能会寻求将某些操作、功能、系统和流程结合起来，但在实施过程中可能会失败或延迟。虽然我们假设，与Snyder‘s-Lance收购有关的一定水平的费用、交易成本、与收购相关的成本、协同增效成本和整合成本可能会超出预期。此外，还有许多因素超出了我们的控制范围和斯奈德-兰斯的控制范围，这些因素可能会影响这些费用的总额或时间。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.

我们将承担大量债务，以资助收购斯奈德的-兰斯.

与收购Snyder‘s-Lance和偿还Snyder’s-Lance债务有关，我们预计通过高级无担保票据和高级无担保定期贷款组合，将产生约62亿美元的债务。如此庞大的负债水平可能对我们的业务产生重要影响，包括但不限于：

•增加我们的偿债义务，使我们更难以履行我们的义务；

•增加我们面对利率波动的风险；

•使我们受到金融和其他契约的约束，而不遵守这些契约可能导致违约事件；

•增加我们对一般不利经济和工业状况的脆弱性，并减少我们对这些情况作出反应的灵活性；

•限制我们在规划业务和我们经营的行业的变化时的灵活性，或对这些变化作出反应，包括进行重大的资本项目；

•与我们的竞争对手相比，我们处于竞争劣势，因为他们的杠杆比率不高；以及

•限制我们追求某些商业机会，包括其他收购。

此外，我们定期进入商业票据市场，以满足营运资金需求和其他一般公司用途。我们预计在我们收购斯奈德的兰斯之后，我们的信用评级会被下调.信用评级下调可能会增加我们的借贷成本，并影响我们发行商业票据的能力。如果我们的信用评级进一步被下调，或者我们的信用评级可能会低于我们对此次收购的预期，我们可能无法出售更多的债务证券，也无法按照如果我们的信用评级得以维持的话，按现有的金额和条件借入资金。商业票据市场的中断或其他不稳定的经济条件对信贷市场的影响也可能减少我们可以发行的商业票据的数量，并提高短期和长期债券发行的借贷成本。我们不能保证我们能以我们认为可以接受的条件进入资本市场。限制我们进入资本市场的能力、减少我们的流动资金或增加我们的借贷成本，可能会对我们的业务或财务结果产生不利影响。

斯奈德的-兰斯和我们的财务信息是固有的不确定性，我们未经审计的综合财务数据包括和参考纳入本招股说明书补充是初步的。合并后我们的实际财务状况和业务可能与这些估计数和未经审计的合并财务数据有很大的不同，这些数据包括在本招股说明书的补充中，并以参考的方式纳入其中。

我们未经审计的合并财务报表包括在本招股说明书的补充文件中，并以参考的方式纳入，只是为了说明目的，包含各种调整、假设和初步估计，并不一定表示如果在所述日期完成合并，我们的实际财务状况或业务结果。合并后我们的实际结果和财务状况可能有所不同。从未经审计的形式合并财务数据，包括和纳入本招股说明书补充中引用的实质性和负面的。

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 相信是合理地利用现有的信息。估算获得的资产和假定负债的公允价值的过程需要在确定适当的假设和估计时使用判断。这些估计可能会随着更多信息的提供和额外分析的进行而被修正。因此，最终的购置会计调整可能会有很大的不同。

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.

我们可修订合并协议，使其对债券持有人不利。

有关债券的高级契约并不限制Snyder‘s-Lance和我们修改合并协议，任何此类修改都可能对票据持有人的利益造成重大损害。修改将不经票据持有人批准，也不要求我们赎回您的票据。

与债券及发行有关的风险

这些票据实际上将从属于我们可能产生的任何有担保债务和我们子公司的债务，这可能会限制您的收回。

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 贷款人对其贷款担保的资产将优先于债券持有人对这些资产的任何要求。在2018年月28日，我们没有任何担保债务未偿还。

我们的附属公司是独立而独特的法律实体。我们的附属公司不为票据提供担保，也没有义务支付根据这些票据到期的任何款项，或以其他方式向我们提供任何资金，以偿还我们的债务，无论是股息、贷款还是其他付款。这些票据在结构上从属于我们子公司的负债和其他负债。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.

这些债券没有固定的公开交易市场。

每一批债券都是一种新发行的证券，没有既定的交易市场。如果一个交易市场不发展或没有维持，持有一系列债券的人可能会发现很难或不可能转售他们的票据。如果一个交易市场正在发展，则该系列票据的价格可能高于或低于他们的首次公开发行(IPO)价格。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 或票据持有人出售其票据的能力，或该等持有人可以何种价格出售其票据。

我们的信用评级或金融和信贷市场的变化可能会对TH的市场价格产生不利影响。e笔记。

这些债券的市价将以若干因素为基础，包括：

•我们对主要信用评级机构的评级，包括对每一批票据的评级(;)

•与美国;类似的公司目前正在支付的利率。

•我们的经营业绩、财务状况、财务业绩和未来前景;和

•金融和信贷市场的总体状况。

信用评级机构不断审查他们所跟踪的公司的评级，包括我们，并根据需要修改这些评级。信用评级机构还评估整个食品和饮料行业，并可能根据他们对我们的业务和行业的总体看法改变他们对我们的信用评级。我们预计在我们收购斯奈德的兰斯之后，我们的信用评级会被下调.信用评级的负面变化可能会对债券的价格产生不利影响。此外，金融及信贷市场的状况，以及当时的利率，在过去曾出现波动，将来亦可能出现波动；过去，全球经济曾出现严重的混乱，包括信贷及资本市场的波动，这些因素的波动或市场情况的恶化，都可能对债券的价格造成不良影响。特别是，美国联邦储备委员会或其他中央银行可能会提高利率或对加息的预期可能发生变化。当前利率或利率预期的提高可能会对债券的价格产生重大影响。

尽管我们目前的债务水平和我们预期在合并方面的负债，但我们可能仍然会承担更多的债务。

票据和发行票据的高级契约不对我们可能发生的债务数额施加任何限制。作为债券持有人，我们的额外债务可能会对你方产生重要影响，包括使我们更难履行与票据有关的义务，使你方票据的市场价值损失，以及降低或撤回债券信用评级的风险。

在高级契约中有有限的契约来管理这些票据。

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 限制我们可能招致的额外债务数额，不要求我们保持任何财务比率或净资产、收入、收入、现金流量或流动性的特定水平。见所附招股说明书中的“债务证券说明”。鉴于这些例外情况，债券持有人可能实际上从属于我们可能产生的任何新债务。

在发生特殊赎回时，我们必须赎回所有未清本金总额。如果我们被要求在这样的时间赎回这些纸币，你可能无法获得你期望的票据回报。

在发生特别赎回时，我们必须以相当于本金总额101%的特别赎回价格赎回所有未付票据，加上首次发行日期(或支付利息的最近的利息支付日期)的应计利息和未付利息，但不包括特别赎回日期。合并协议载有惯常条件。对于关闭，其中许多是我们无法控制的，而且我们可能无法在本招股说明书补充文件的首页规定的特别赎回期限之前完成合并。如果您的票据被赎回，您可能无法获得您的预期回报，并可能无法再投资的收益从一个特别赎回，在一个投资，以获得类似的回报。

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 本次报价和合并结束后，我们的业务或财务状况发生任何变化(包括任何重大变化)，或合并协议的条款发生变化，包括在重大方面。

在斯奈德-兰斯收购结束之前，我们没有义务把出售票据的收益放在代管中。

如斯奈德-兰斯的收购没有在特别赎回期限之前或之前结束，或在特别赎回期限之前，合并协议终止，我们将被要求全部但不部分地赎回所有未清票据，赎回价格相当于特别赎回价格的101%。

本金总额，加上首次发行日期(或支付利息的最近的利息支付日期)的应计利息和未付利息，但不包括特别赎回日期。见“说明说明---对”说明“的特别强制性赎回”。我们没有义务在Snyder‘s-Lance收购案结束前将票据销售收益放在代管中，也没有义务在这些收益上提供担保权益，而且在此期间我们对这些收益的使用没有任何限制。因此，我们将需要使用手头现金、我们自愿保留的发行收益或其他流动性来源为任何特殊赎回提供资金。我们不能保证，我们将有足够的资金，当需要时，作出任何必要的赎回在此提供的票据。任何未赎回任何这些票据将构成违约的高级契约管辖的票据在此提供。

我们可能无法在改变控制后再购买这些钞票。

在发生控制变更触发事件(如“票据说明-在发生变更控制触发事件时提出购买”)，就一系列票据而言，除非我们以前行使了赎回该系列票据的权利，否则，这些票据的每个持有人都有权要求我们回购全部或任何部分。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 规定将导致高级契约下的违约，该契约将管辖这些票据，这可能对我们和票据持有人产生重大不利后果。见本招股说明书补充中的“票据说明--在发生变更控制触发事件时提出购买”。

浮动利率票据的应付利息金额每季度只根据利率确定日的三个月libor利率设定一次，利率可能会大幅波动。

历史上，三个月的libor利率水平经历了显著的波动.你应该注意到，三个月期伦敦银行同业拆借利率的历史水平、波动和趋势并不一定代表未来的水平、波动和/或趋势。3个月期libor利率的任何历史上升或下降趋势，并不表示3个月期libor利率在浮动利率期间的任何时候或多或少都有增减的可能，也不应将3个月期libor利率的历史水平作为其未来表现的指标。您还应注意到，虽然利息支付日或利息期间其他时间的实际三个月libor利率可能高于适用的利率确定日的三个月libor利率，但在该利息期的利息确定日期以外的任何时间，您都不会受益于三个月libor利率。因此，三个月期libor利率的变化可能不会导致浮动利率票据的市场价值发生类似的变化。

加强监管监督，改变确定libor利率的方法，以及在2021之后可能逐步取消libor，可能会对浮动利率票据的价值产生不利影响。

2012，英国政府公布了对libor的评估结果(通常被称为“惠特利评论”)。“惠特利审查”就LIBOR的修改提出了若干建议，包括对LIBOR实行法定监管，将LIBOR的责任从英国银行家协会(“BBA”)移交给一名独立管理人，修改贷款利率的汇编方法，以及制定利率的新监管和执行机制。根据“惠特利评论”，金融行为管理局(FCA)监管和监管伦敦银行同业拆借利率的最终规则(FCA)已于2013年4月2日生效(“金融行为监管规则”)。特别是，FCA规则包括以下要求：(1)由独立的libor管理人监督和调查libor提交的报告，以查明违反惯例标准和(或)可能的操纵行为；(2)向libor提交数据的公司建立和维持明确的利益冲突政策以及适当的制度和控制。此外，根据惠特利审查的建议，洲际交易所基准管理有限公司(“洲际银行管理局”)已被任命为独立的伦敦银行同业拆借利率管理人，自2014年月1日起生效。2017年月27日，金融监管局宣布，它将不再说服或强迫银行在2021年底后提交利率以计算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宣布的任何变化，包括FCA公告、ICE管理局或任何其他后续治理或监督机构，或该机构今后采用的确定LIBOR利率的方法，都可能导致报告的LIBOR利率突然或长期增加或下降。如果发生这种情况，并且在你的证券价值受到所报告的libor利率的影响时，支付利息的水平和证券的价值可能会受到影响。此外，惠特利检讨建议将继续采用的程度和方式方面的不确定性，以及这些改变的时间，可能会对目前以libor为基础的证券的交易市场及浮动利率票据的价值造成不利影响。

选定的Snyder‘s-Lance危险因素

选定的Snyder‘s-Lance风险因素来自Snyder’s-Lance表格10-K截至2017财政年度的年度报告，该报告未被纳入本招股说明书。

与斯奈德-兰斯业务有关的风险

斯奈德-兰斯的表现可能会受到一般经济状况或经济低迷的影响。

经济活动的全面下降可能会对斯奈德的业务和财务业绩产生不利影响.经济的不确定性可能会减少消费者的支出，因为消费者决定将什么列入他们的食品预算。这也可能导致消费者偏好私人标签产品的转变。消费者支出的变化可能会导致来自竞争对手或客户的更大压力，这些压力可能要求Snyder‘s-Lance增加促销支出或降低其部分产品的价格和/或限制Snyder-Lance提高或维持价格的能力，这可能会降低他们的收入和盈利能力。

金融市场的不稳定可能会影响斯奈德-兰斯未来签订新信贷协议的能力，或者增加成本。此外，它还可能削弱其客户、供应商、独立企业主(“ibos”)、第三方分销商、银行、保险公司和其他商业伙伴在正常业务过程中履行其义务的能力，这可能使Snyder‘s-Lance蒙受损失，或扰乱其经营业务所依赖的投入的供应。如果斯奈德的一个或多个关键业务伙伴因任何原因未能按预期或合同行事，斯奈德的业务可能会受到负面影响。

价格的波动或投入的可得性取决于斯奈德的-兰斯，包括原材料、包装、能源和劳动力，可能会对斯奈德的财务业绩产生不利影响。

斯奈德-兰斯的财务结果可能受到原材料和包装成本或可用性变化的不利影响。虽然Snyder‘s-Lance经常获得未来交付某些原材料的实质性承诺，但原材料和包装成本的持续长期上涨，包括但不限于供应紧缩导致的成本上涨，可能会对其财务业绩产生不利影响。

斯奈德-兰斯的运输和物流系统依赖于汽油和柴油，而斯奈德-兰斯的制造业务则依赖于天然气。虽然斯奈德的-兰斯可能签订远期购买合同，以减少与其中一些成本相关的波动，但这些能源的成本或可用性的持续长期变化可能会对斯奈德的财务业绩产生不利影响。

斯奈德的-兰斯的持续增长需要他们雇用，保留和发展一支高技能的劳动力和有才能的管理团队。斯奈德-兰斯的财务业绩可能会受到员工竞争加剧、员工更替率增加或员工福利成本增加而增加成本的不利影响。

斯奈德的兰斯在竞争激烈的食品行业经营.

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.激烈的竞争增加了Snyder‘s-Lance公司失去一个或多个主要客户、在客户地点失去现有产品授权、失去市场份额和/或货架空间、增加支出或降低销售价格的可能性，这可能对Snyder-Lance的业务或财务业绩产生不利影响。

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营运利润。

Snyder‘s-Lance的顶级零售客户关系的变化可能会影响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 这些客户中的一个或多个客户的应收账款将无法收回，斯奈德兰斯的财务业绩可能会受到不利影响。

面对巩固的零售环境，斯奈德的兰斯可能无法维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 他们的销售和营销专长，以保持他们的类别领导地位，以回应这些趋势，或如果斯奈德-兰斯降低他们的价格或增加对斯奈德-兰斯的产品的促销支持，无法增加他们的产品销售量，斯奈德的盈利能力和财务状况可能受到不利影响。

对Snyder‘s-Lance产品的需求可能受到消费者偏好和口味变化的不利影响，或者如果Snyder’s-Lance无法有效地创新或销售其产品。

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-兰斯的成功取决于他们对消费者趋势的反应能力，包括消费者对健康和健康、肥胖、产品属性和成分的关注。

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产品对其财务业绩产生负面影响。

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 有效地执行广告、促销活动和营销计划。

英国选民退出欧盟的决定可能会进一步对斯奈德的行动产生负面影响。

英国选民在6月份举行的退欧公投(“英国退欧”)引发了全球市场的不确定性，导致英镑相对于美元和其他货币大幅贬值。当英国就退出欧盟进行谈判时，汇率和英国利率的波动可能会继续。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 英国较高的利率可能会对英国经济产生抑制作用。从长远来看，英国退欧对斯奈德(Snyder)-兰斯(Snyder)英国业务的任何影响，在一定程度上将取决于关税、贸易、监管和其他谈判的结果。然而，由于需求疲软，无论是英国退欧还是消费者偏好，Snyder‘s-Lance确认了4，630万美元和1，180万美元的斯奈德-兰斯欧洲商誉和水壶芯片英国商标，分别在2017。无论是由于消费者的需求还是英国退欧的影响，这类操作的进一步侵蚀都可能导致与斯奈德-兰斯英国业务相关的额外损害。

对某些食品或配料的安全和质量的关注可能会使消费者避免使用Snyder的-Lance的产品。

如果主要市场的消费者对某些产品或成分的安全和质量失去信心，斯奈德的兰斯可能会受到不利影响。对这些担忧的负面宣传，无论是否有效，都可能使消费者不敢购买产品，或扰乱产品的生产或分销，并对他们的商业和财务结果产生负面影响。

如果Snyder‘s-Lance的产品被掺假、打错品牌或贴错标签，Snyder’s-Lance可能需要召回这些产品，如果消费者受伤或生病，他们可能会遭遇产品责任索赔。

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 由于任何这样的召回或程序的结果，整个品牌组合。

斯奈德-兰斯供应链的中断可能会对斯奈德的业务和财务业绩产生不利影响。

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 减轻此类事件的可能性或潜在影响，或在发生此类事件时有效管理这些事件，可能会对Snyder的业务或财务结果产生不利影响，特别是在产品或成分从单一供应商或地点采购的情况下。此外，根据最近的运输业立法，货运承运人的数量可能会减少，造成承运人短缺和货运成本上升。

Snyder‘s-Lance公司的信息技术系统可能受到不足之处或安全漏洞的不利影响。

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 竞争地位：此外，这些信息系统可能遭受损坏、故障、中断、错误、效率低下、攻击或遭受火灾或自然灾害之苦，如果它们的安全措施和灾后恢复计划不能充分减轻，任何这些都可能对斯奈德的业务和财务结果产生不利影响。

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.

不当使用或滥用社交媒体可能会对斯奈德的业务和财务产生不利影响。结果

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兰斯的竞争对手越来越多地利用社交媒体网络来推销和宣传产品，如果Snyder‘s-Lance’s无法在这种环境下竞争，可能会对他们的财务业绩产生不利影响。

Snyder‘s-Lance的DSD网络依赖大量Ibos，这种依赖可能会影响Snyder-Lance高效和有利可图地分销和销售产品、维护现有市场和将业务扩展到其他地理市场的能力。

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 与Ibos的关系，从而限制了销售市场的维护和扩张，Snyder的收入和财务业绩可能受到不利影响。

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 一个或多个地理分布区。这些因素中任何一个的发生都可能导致通过DSD网络增加开支或大幅度减少销售量，并损害Snyder‘s-Lance的业务和财务业绩。

Snyder‘s-Lance的DSD网络的运行中断可能会对其运营结果、财务状况和现金流产生负面影响。

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, 包括可能影响Ibos的独立承包商分类的行动或决定，或因Ibos所采取的行动而对Snyder‘s-Lance作出的不利判断，可能会对其财务状况、运营结果、现金流以及经营和经营业务的能力产生重大和负面影响。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.

持续的成功取决于斯奈德的商标和其他专利知识产权的保护。

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.

商誉或其他无形资产的账面价值减值可能会对斯奈德-兰斯的财务业绩产生不利影响。

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-兰斯业务的重大和出乎意料的变化可能需要在未来一段时期增加非现金减值费用，这可能会显著影响斯奈德-兰斯在此期间的财务业绩。

新的法规或立法可能会对斯奈德的业务和财务业绩产生不利影响。

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-兰斯的经营结果，增加生产成本或限制斯奈德的经营和分配方法。这些规定可能涉及食品工业或社会因素，如肥胖，营养和环境问题和饮食趋势。

斯奈德的兰斯受到法律复杂性的影响，并可能成为可能对他们的业务产生不利影响的诉讼当事人。

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 与隐私、数据收集、保护和管理有关的合规风险，特别是与Snyder‘s-Lance从其雇员那里收集的信息有关的风险，以及Snyder-Lance在向客户、Ibos和零售商提供产品时收集的信息。

斯奈德-兰斯的海外业务给他们的业务带来了额外的风险。

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 一般经济条件、征收关税、配额、贸易壁垒和其他限制、在外国管辖范围内执行补救措施、遵守适用的外国法律以及其他经济和政治不确定性，所有这些风险都可能导致成本增加或收入减少，这可能对斯奈德-兰斯的财务结果产生不利影响。

 

收益的使用

我们估计，我们将从这次发行的票据销售中获得大约百万美元的净收益(扣除承销折扣和我们估计的发行费用后)。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，我们有大约13亿美元的商业票据借款，加权平均期限为55天，年加权平均利率为1.76%。

我们预计将使用新信贷协议下的资金，该协议允许我们在合并结束之日一次性提取至多12亿美元的本金，用于支付根据合并协议应支付的部分现金和其他款项。根据目前的预期，我们打算根据新信贷协议，为完成收购斯奈德公司而一次性提取9亿美元。然而，我们的期望可能会改变，如果有必要，我们可能会为收购Snyder‘s-Lance提供资金。

Snyder‘s-Lance的未偿债务预计将由我们偿还与合并有关的11亿美元，根据一项高级无担保信贷协议，期限2018为4，900万美元，2019为2.33亿美元，此后为8.02亿美元。斯奈德的-兰斯有利率互换协议到位，以确定部分利率。包括利率掉期协议的影响，加权平均利率为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 本金总额的101%，另加首次发行日期(或支付利息的最近的利息支付日期)的应计利息及未付利息，但不包括本招股章程补编内“票据说明-债券的特别强制赎回”所述的特别赎回日期。

 

收入与固定费用的比率

下表列出了我们在所列期间的收入与固定费用的综合比率：

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财政年度，债券发行费用摊销包括在利息支出中。所有金额均按报告的方式计算。

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 用外汇远期合约来对冲出售欧洲简单餐饮业的收益。在2013财政年度，我们记录了与收购博尔豪斯农场相关的1，000万美元税前交易成本。

 

资本化

下表列出截至2018年度1月28日的总市值：

•实际情况；

•在本发行生效后作出的调整(但不包括从该等发行中获得的收益的使用)；及

•作为调整后的形式，使交易生效，包括本次发行和使用本次发行的收益，如“收益的使用”所述。

实际金额可能会因以下几个因素而有所不同，如调整后的金额，包括由于市场条件或完成斯奈德-兰斯收购的时机，我们的融资计划可能发生变化。

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 及财务状况及营运结果分析“在截至2018年月28的第10至Q表季报中，每一份报告均以参考本招股章程的方式纳入本章程增订本。下列经调整的资料的形式可能不会反映我们未来的现金、债务及资本化情况。

 

(1)包括 债务发行费用和“调整后的”和“作为调整的”包括与发行债券有关的债务发行费用，以资助斯奈德的-兰斯收购，包括以前发生的200万美元债务发行费用。

(2)2017年月29日，我们签订了“新信贷协议”，允许我们在合并结束之日进行一次提取，总本金可达12亿美元。根据目前的预期，我们打算根据新信贷协议，为收购Snyder-Lance公司提供9亿美元的单笔抽奖。然而，我们的期望可能会改变，如果有必要，我们可能会为收购Snyder‘s-Lance提供资金。

(3)我们的美国信贷安排提供了至多18.5亿美元的借款。截至2018年月28，我们在美国信贷工具下有18.5亿美元的未使用可用资金(在生效后)1按实际、经调整和调整后的形式计算的未付备用信用证(百万份)。

(4)我们的加拿大信贷设施提供了高达1.22亿美元的借款。截至2018年月28，我们在加拿大信贷机制下获得了700万美元的未使用贷款，这些贷款是以实际的、经调整的和形式调整的基础上提供的。

 

未经审计的合并财务信息

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-兰斯报表(见本报告所载)及其截至7月1日(2017)终了的六个月的10-Q表季度报告(本报告未包括或合并)。未经审计的合并损益表和资产负债表使交易生效，就好像这些交易发生在8月1，2016和1月28日，2018为资产负债表的目的一样。

坎贝尔的财政年度将于7月30日结束，斯奈德的财政年度将于12月30日结束。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-兰斯6个月截至12月30日，2017的损益表是从截至12月30，2017的财报中得出的，经调整后不包括截至7月1日的6个月的财报。斯奈德的-兰斯12个月截至7月1日，2017的损益表是从截至12月31日，2016的财报中得出的，调整后的6个月包括截至7月1日，2017，2017的六个月，并调整为不包括截至7月2日，2016的六个月。未经审计的综合资产负债表信息将坎贝尔的中期未经审计的1月28日，2018资产负债表与截至12月30日的斯奈德-兰斯年度资产负债表合并。

对历史财务信息进行了调整，以实施直接可归因于交易的形式上的事件，这些事件在事实上是可以支持的，而且就形式报表而言，预计这些活动将继续对合并结果产生影响。

未经审计的合并财务信息应与未审计的合并财务报表的附注一并阅读，不一定表示交易截至所示日期已完成的合并业务结果或财务状况。未经审计的合并财务信息没有反映任何可能从交易中实现的整合费用或节余。未经审计的合并财务信息无意预测合并公司未来的经营结果或财务状况。收购Snyder‘s-Lance将作为业务合并核算，并将反映按照会计准则编码(ASC)805进行的购置会计的应用。业务合并。形式上的调整是根据对截至本预期补编之日所获得的资产和假定负债的公允价值和现有资料的初步估计数进行的。某些估值和评估，包括对库存、厂场资产、其他无形资产的估值以及对合并业务的税收状况和税率的评估，正在进行之中，在拟议收购结束后才能完成。此外，未经审计的合并财务信息中对交易的考虑是基于股票、股权裁决和截至本文件最近日期的未偿债务，这可能与收购Snyder‘s-Lance结束之日的股票、股权裁决和未偿债务不同。预计为收购Snyder‘s-Lance而发生的债务包括在未经审计的财务信息中，反映了坎贝尔根据当前市场利率预期达到的条件和利率。实际融资和融资条款将取决于市场条件。实际调整数可能与未经审计的合并财务报表中反映的数额不同，差异可能是重大的。

 

坎贝尔汤公司
未经审计的Pro Forma合并损益表
截至2018年月28止的六个月
(百万美元，每股数额除外)

 

坎贝尔汤公司
未经审计的Pro Forma合并损益表
截至七月三十日止的一年，2017
(百万美元，每股数额除外)