Pricing Supplement No. 23 Filing under Rule 424(b)(3) with respect to
Dated October 25, 1994 Registration Statement No. 33-56032
(To Prospectus dated January 7, 1993 and
Prospectus Supplement dated January 8, 1993)
$500,000,000
GENERAL MILLS, INC.
MEDIUM-TERM NOTES, SERIES D
CALLABLE STEP-UP NOTES DUE OCTOBER 31, 2006
Principal amount: $25,000,000
Interest Rate (if fixed rate): See "Interest" in this Pricing
Supplement
Stated Maturity: October 31, 2006
Specified Currency: U.S. Dollars
Interest Payment Dates: April 30 and October 31
Applicable Exchange Rate (if any): N/A
Issue price (as a percentage of
principal amount): A/S
Selling Agent's Commission (%): .625%
Agent's Fee: $156,250
Purchasing Agent's discount
or commission (%): N/A
Net proceeds to the Company: $24,843,750
Settlement date (original issue date): October 31, 1994
Redemption Commencement Date (if any): Redeemable by the Company at its
option, in whole or in part, on
October 31, 1996 and on every
semi-annual Interest Payment Date
thereafter with at least 30 days
prior notice and as described under
"Description of Notes - General" in
the Prospectus Supplement dated
January 8, 1993.
Redemption prices (if any): 100%
Additional Items: N/A
"N/A" as used herein means "Not Applicable." "A/S" as used herein means
"as stated in the Prospectus Supplement referred to above."
If such Notes are denominated in other than U.S. Dollars, the applicable
Foreign Currency Supplement is attached hereto.
Description of the Notes
General
The following description of the particular terms of Notes offered by this
Pricing Supplement supplements, and to the extent and consistent therewith
replaces, the descriptions of the general terms and provisions of the Debt
Securities and Notes set forth in the accompanying Prospectus and Prospectus
Supplement (together, "Prospectus") to which descriptions reference is hereby
made. Capitalized terms not otherwise defined herein which are defined in
the Prospectus have the meanings set forth therein.
Interest
The Notes are Fixed Rate Notes and shall be Book Entry Notes represented
by a Global Security. Interest Payment Dates shall be each April 30 and
October 31, beginning with April 30, 1995, in each case subject to
postponement without adjustment where such date is not a Market Day as
described on page S-11 of the Prospectus. The rate of interest per annum
shall be according to the following schedule:
For the first two years: 8.00
For the third year: 8.05
For the fourth year: 8.10
For the fifth year: 8.15
For the sixth year: 8.20
For the seventh year: 8.25
For the eighth year: 8.30
For the nineth year: 8.50
For the tenth year: 8.75
For the eleventh year: 9.50
For the twelfth year: 10.75
Distribution
In the Distribution Agreement, the Underwriter has agreed, subject to the
terms and conditions set forth therein, to purchase all the Notes offered
hereby if any Notes are purchased. The Company has been advised by the
Underwriter that the Notes initially will be offered to the public at the
public offering price set forth on the cover page of this Pricing Supplement.
The Underwriters may allow a discount not in excess of .575% of the principal
amount of the Notes sold to one or more dealers. After the initial public
offering, the price may be changed.
Dealers may receive additional compensation from sources other than
the Company in connection with the sales of the Debt Securities, which
compensation may be considered underwriting compensation.
As of the date of this Pricing Supplement, the aggregate initial public
offering price (or its equivalent in other currencies) of the Debt Securities
(as defined in the Prospectus) which have been sold (including the Notes to
which this Pricing Supplement relates) is $402,900,000.
BT SECURITIES CORPORATION
NORTH CAROLINA
The Commissioner of Insurance of the State of North Carolina has not
approved or disapproved this offering nor has the Commissioner passed upon
the accuracy or adequacy of this Prospectus.
