FILED PURSUANT TO RULE 424(B)(3)
PROSPECTUS SUPPLEMENT NO. 5 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 NUMBER OF
PRINCIPAL AMOUNT SHARES OF
AT 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........................... 28,000,000 * 364,725 *
ADi Alternative Investments c/o Kallista Master
Fund................................................ 46,000,000 2.06% 599,191 *
Akanthos Arbitrage Master Fund, L.P. ................. 10,000,000 * 130,259 *
American Fidelity Assurance Company (Zazove).......... 580,000 * 7,555 *
AmerUs Life Insurance Co.............................. 6,500,000 * 84,668 *
Banc One Capital Markets.............................. 1,000,000 * 13,026 *
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 *
Cater Allen International Limited..................... 8,000,000 * 104,207 *
Credit Suisse First Boston LLC........................ 13,735,000 * 178,911 *
Forest Fulcrum Fund LP................................ 3,400,000 * 44,288 *
Forest Global Convertible Fund, Ltd., Class A-5....... 7,500,000 * 97,694 *
Geode U.S. Convertible Arbitrage Fund, a series of
Geode Investors, LLC................................ 2,000,000 * 26,052 *
GLG Market Neutral.................................... 100,000 * 1,303 *
Hamilton Multi-Strategy Master Fund, LP............... 44,275,000 1.98% 576,722 *
HSBC Trustee, Zola Managed Trust...................... 1,300,000 * 16,934 *
Inflective Convertible Opportunity Fund I, L.P........ 50,000 * 651 *
Innovest Finanzdienstle............................... 2,650,000 * 34,519 *
Lord Abbett Bond Debenture Fund....................... 15,000,000 * 195,389 *
Lyxor Zola Fund Limited............................... 6,200,000 * 80,761 *
Met Investors Series Trust Bond Debenture Fund........ 5,000,000 * 65,130 *
Morgan Stanley & Co. International Limited............ 3,900,000 * 50,801 *
Pendragon Convertibles Fund Limited................... 3,436,000 * 44,757 *
Pendragon Guinevere Fund, L.L.C. ..................... 4,944,000 * 64,400 *
Physicians Life Insurance Company..................... 1,800,000 * 23,447 *
Quattro Fund Limited.................................. 4,000,000 * 52,104 *
Satellite Asset Management, L.P. ..................... 20,000,000 * 260,518 *
Satellite Convertible Arbitrage Master Fund, LLC...... 6,750,000 * 87,925 *
SuttonBrook Capital Portfolio LP...................... 45,000,000 2.01% 586,166 *
TCW Group, Inc. ...................................... 10,275,000 * 133,841 *
Topango XI............................................ 6,100,000 * 79,458 *
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.
(continued on other side)
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 September 24, 2003.