FILED PURSUANT TO RULE 424(B)(3)
PROSPECTUS SUPPLEMENT NO. 15 REGISTRATION NO. 333-102675
(TO PROSPECTUS DATED AUGUST 7, 2003)
(GENERAL MILLS LOGO)
$2,233,305,000
PRINCIPAL AMOUNT AT MATURITY
GENERAL MILLS, INC.
ZERO COUPON CONVERTIBLE SENIOR DEBENTURES DUE 2022
AND COMMON STOCK ISSUABLE UPON CONVERSION OF THE DEBENTURES
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This prospectus supplement relates to the resale by the holders of our
Debentures and the shares of our common stock issuable upon conversion of the
Debentures.
You should read this prospectus supplement together with the prospectus
dated August 7, 2003, which is to be delivered with this prospectus supplement.
The terms of the Debentures are set forth in the prospectus.
The table below sets forth additional information concerning beneficial
ownership of the Debentures and supplements and amends the table appearing under
"Selling Securityholders" beginning on page 41 of the prospectus. To the extent
that a selling securityholder is listed both in the table below and in the table
appearing in the prospectus, the information set forth below regarding the
selling securityholder supersedes the information in the prospectus.
AGGREGATE PRINCIPAL NUMBER OF
AMOUNT AT SHARES OF
MATURITY OF PERCENTAGE OF COMMON STOCK PERCENTAGE OF
DEBENTURES THAT DEBENTURES THAT MAY COMMON STOCK
NAME MAY BE SOLD OUTSTANDING BE SOLD(1) OUTSTANDING(2)
---- ------------------- ------------- ------------ --------------
ADi Alternative Investments................................. 26,500,000 1.19% 345,186 *
ADi Alternative Investments c/o Kallista Master Fund........ 46,000,000 2.06% 599,191 *
AIG DKR SoundShore Holdings Ltd............................. 13,842,000 * 180,305 *
AIG DKR SoundShore Opportunity Holding Fund Ltd............. 12,806,000 * 166,810 *
AIG DKR SoundShore Strategic Holding Fund Ltd............... 8,352,000 * 108,792 *
Akanthos Arbitrage Master Fund, L.P. ....................... 10,000,000 * 130,259 *
Alexandra Global Master Fund, Ltd. ......................... 10,000,000 * 130,259 *
Allstate Insurance Company.................................. 5,500,000 * 71,642 *
Alta Partners Investment Grade Holdings Ltd................. 7,500,000 * 97,694 *
American Fidelity Assurance Company (Zazove)................ 580,000 * 7,555 *
AmerUs Life Insurance Co.................................... 6,500,000 * 84,668 *
AM Master Fund I LP......................................... 7,400,000 * 96,392 *
Aristeia International Limited.............................. 5,589,000 * 72,802 *
Aviator Master Fund......................................... 3,000,000 * 39,078 *
Banc of America Securities LLC.............................. 6,460,000 * 84,147 *
Banc One Capital Markets.................................... 1,000,000 * 13,026 *
Barep Convertible Arbitrage................................. 10,000,000 * 130,259 *
Bear, Stearns & Co. Inc..................................... 35,500,000 1.59% 462,419 *
Canyon Capital Arbitrage Master Fund, Ltd................... 21,000,000 * 273,544 *
Canyon Value Realization Fund (Cayman), Ltd................. 31,500,000 1.41% 410,316 *
Canyon Value Realization Fund, L.P. ........................ 14,000,000 * 182,363 *
Canyon Value Realization MAC 18, Ltd (RMF).................. 3,500,000 * 45,591 *
CareFirst BlueChoice, Inc................................... 340,000 * 4,429 *
Cater Allen International Limited........................... 8,000,000 * 104,207 *
CGNU Life Fund.............................................. 1,500,000 * 19,539 *
Chrysler Corporation Master Retirement Trust................ 0 * 0 *
Commercial Union Life Fund.................................. 2,000,000 * 26,052 *
Credit Suisse First Boston LLC.............................. 13,735,000 * 178,911 *
DBAG London................................................. 84,300,000 * 1,098,083 *
Delta Air Lines Master Trust -- CV.......................... 0 * 0 *
Delta Pilots Disability and Survivorship Trust -- CV........ 0 * 0 *
Deutsche Bank Securities Inc................................ 2,755,000 * 35,886 *
Forest Fulcrum Fund LP...................................... 3,400,000 * 44,288 *
Forest Global Convertible Fund, Ltd., Class A-5............. 7,500,000 * 97,694 *
FreeState Health Plan, Inc.................................. 0 * 0 *
Geode U.S. Convertible Arbitrage Fund, a series of Geode
Investors, LLC............................................ 2,000,000 * 26,052 *
Georgia Municipal........................................... 1,789,000 * 23,303 *
GLG Market Neutral.......................................... 100,000 * 1,303 *
Goldman Sachs & Co.......................................... 110,000 * 1,433 *
Hamilton Multi-Strategy Master Fund, LP..................... 44,275,000 1.98% 576,722 *
HSBC Trustee, Zola Managed Trust............................ 1,300,000 * 16,934 *
Independence Blue Cross..................................... 902,000 * 11,749 *
Inflective Convertible Opportunity Fund I, L.P.............. 50,000 * 651 *
Innovest Finanzdienstle..................................... 2,650,000 * 34,519 *
Lehman Brothers, Inc. ...................................... 17,500,000 * 227,953 *
Lord Abbett Bond Debenture Fund............................. 15,000,000 * 195,389 *
Lyxor Zola Fund Limited..................................... 6,200,000 * 80,761 *
Merrill Lynch Insurance Group............................... 719,000 * 9,366 *
Merrill Lynch Insurance Group............................... 719,000 * 9,366 *
Met Investors Series Trust Bond Debenture Fund.............. 5,000,000 * 65,130 *
Microsoft Corporation....................................... 0 * 0 *
Morgan Stanley & Co. International Limited.................. 3,900,000 * 50,801 *
Motion Picture Industry Health Plan -- Active Member Fund... 0 * 0 *
Motion Picture Industry Health Plan -- Retiree Member
Fund...................................................... 0 * 0 *
(continued on other side)
AGGREGATE PRINCIPAL NUMBER OF
AMOUNT AT SHARES OF
MATURITY OF PERCENTAGE OF COMMON STOCK PERCENTAGE OF
DEBENTURES THAT DEBENTURES THAT MAY COMMON STOCK
NAME MAY BE SOLD OUTSTANDING BE SOLD(1) OUTSTANDING(2)
---- ------------------- ------------- ------------ --------------
Northern Income Equity Fund................................. 6,000,000 * 78,155 *
Norwich Union Life & Pensions............................... 2,900,000 * 37,775 *
OCM Convertible Trust....................................... 0 * 0 *
Ohio Bureau of Workers Compensation......................... 390,000 * 0 *
Partner Reinsurance Company Ltd............................. 0 * 2,801 *
Pendragon Convertibles Fund Limited......................... 3,436,000 * 44,757 *
Pendragon Guinevere Fund, L.L.C. ........................... 4,944,000 * 64,400 *
Peoples Benefit Life Insurance Company TEAMSTERS............ 3,000,000 * 39,078 *
Physicians Life Insurance Company........................... 1,800,000 * 23,447 *
Policeman and Firemen Retirement System of the City of
Detroit................................................... 1,215,000 * 15,826 *
Privilege Portfolio SICAV................................... 3,000,000 * 39,078 *
Putnam Convertible Income-Growth Trust...................... 22,300,000 * 290,478 *
Quattro Fund Limited........................................ 4,000,000 * 52,104 *
Qwest Occupational Health Trust............................. 0 * 0 *
Salomon Smith Barney Inc.................................... 106,482,000 4.77% 1,387,024 *
Satellite Asset Management, L.P. ........................... 20,000,000 * 260,518 *
Satellite Convertible Arbitrage Master Fund, LLC............ 10,750,000 * 140,028 *
St. Albans Partners Ltd. ................................... 20,000,000 * 260,518 *
State Employees' Retirement Fund of the State of Delaware... 0 * 0 *
SuttonBrook Capital Portfolio LP............................ 45,000,000 2.01% 586,166 *
TCW Group, Inc. ............................................ 10,275,000 * 133,841 *
The Coast Fund, L.P......................................... 20,500,000 * 267,031 *
Topango XI.................................................. 6,100,000 * 79,458 *
UBS Credit Derivative....................................... 20,000,000 * 260,518 *
UBS Securities LLC.......................................... 36,860,000 1.65% 480,135 *
Victory Capital Management as Agent for the Charitable
Convertible Securities Fund............................... 1,115,000 * 14,524 *
Victory Capital Management as Agent for the Charitable
Income Fund............................................... 490,000 * 6,383 *
Victory Capital Management as Agent for the Cleveland News
Public Local 473.......................................... 35,000 * 456 *
Victory Capital Management as Agent for the EB Convertible
Securities Fund........................................... 2,170,000 * 28,266 *
Victory Capital Management as Agent for the Field Foundation
of Illinois............................................... 115,000 * 1,498 *
Victory Capital Management as Agent for the GenCorp
Foundation................................................ 95,000 * 1,237 *
Victory Capital Management as Agent for the Key Trust
Convertible Securities Fund............................... 430,000 * 5,601 *
Victory Capital Management as Agent for the Key Trust Fixed
Income Fund............................................... 665,000 * 8,662 *
Victory Capital Management as Agent for the Special District
of Oregon................................................. 20,000 * 261 *
Victory Capital Management as Investment Manager for
American Booksellers...................................... 35,000 * 456 *
Victory Capital Management as Investment Manager for
CompSource Oklahoma....................................... 1,050,000 * 13,677 *
Victory Capital Management as Investment Manager for Georgia
Municipal Employees Retirement Trust Fdn.................. 880,000 * 11,463 *
Victory Capital Management as Investment Manager for
Potlatch.................................................. 940,000 * 12,244 *
Victory Capital Management as Investment Manager for
Stamford Police Pension Fund.............................. 95,000 * 1,237 *
Wachovia Capital Markets LLC................................ 2,500,000 * 32,565 *
Wachovia Securities International LTD....................... 10,000,000 * 130,259 *
White River Securities L.L.C................................ 35,500,000 1.59% 462,419 *
Yield Strategies Fund I, L.P. .............................. 11,500,000 * 149,798 *
Yield Strategies Fund II, L.P. ............................. 11,500,000 * 149,798 *
Zurich Institutional Benchmark c/o Quattro Fund............. 1,000,000 * 13,026 *
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* Less than 1%
(1) Assumes conversion of all of the holder's Debentures at a conversion
rate of 13.0259 shares of common stock per $1,000 principal amount at
maturity of the Debentures. This conversion rate is subject to
adjustment as described under "Description of the
Debentures -- Conversion Rights." As a result, the number of shares of
common stock issuable upon conversion of the Debentures may increase or
decrease in the future. Excludes shares of common stock that may be
issued by us upon the repurchase of the Debentures by us at the option
of the holder. In addition, excludes fractional shares. Holders will
receive a cash adjustment for any fractional share amount resulting from
conversion of the Debentures, as described under "Description of the
Debentures -- Conversion Rights."
(2) Calculated based on 368,766,826 shares of common stock outstanding as of
December 17, 2002. In calculating this amount for each holder, we
treated as outstanding the number of shares of common stock issuable
upon conversion of all of that holder's Debentures, but we did not
assume conversion of any other holder's Debentures.
INVESTING IN THE DEBENTURES INVOLVES RISKS. SEE "RISK FACTORS" BEGINNING ON
PAGE 10 OF THE PROSPECTUS.
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We will not receive any of the proceeds from the sale of the Debentures or
the underlying shares of common stock by any of the selling securityholders. The
selling securityholders may sell the Debentures or common stock either directly
or through underwriters, broker-dealers or agents and in one or more
transactions at market prices prevailing at the time of sale or at negotiated
prices.
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NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THE
PROSPECTUS OR THIS PROSPECTUS SUPPLEMENT IS ACCURATE OR ADEQUATE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this prospectus supplement is April 23, 2004.