What does Spinco stand for?

LANSING, Mich., July 7, 2022 — Neogen Corporation (“Neogen”) (NASDAQ: NEOG) announced today that on July 6, 2022 Garden SpinCo Corporation (“SpinCo”), a direct wholly-owned subsidiary of 3M Company (“3M”), priced an offering of $350.0 million aggregate principal amount of 8.625% senior notes due 2030 (the “Notes”) in a private placement at par.

What happened to Spinco & Neogen?

Yesterday, the group announced the successful completion and separation of its food safety business and merger the business with Neogen. "Upon completion of the merger, each share of SpinCo common stock will be converted into the right to receive one share of Neogen (NEOG) common stock.

What is the guarantee of Spinco notes?

Prior to the distribution of the shares of SpinCo’s common stock to 3M stockholders, the Notes will be guaranteed on a senior unsecured basis by 3M. Upon consummation of such distribution, 3M will automatically, irrevocably and unconditionally be released from all obligations under its guarantee.

What happens if 3M shares are merged with garden Spinco?

Under the terms of the agreement released on 4 August, owners of shares in 3M will have the option to exchange their 3M stock for shares in the common stock of an entity called Garden SpinCo. On 29 August, shareholders will face a deadline for taking part in the merger.