FILED PURSUANT TO RULE 424(B)(3)
REGISTRATION NO. 333-102675
PROSPECTUS SUPPLEMENT NO. 2
(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 and updated 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. In addition, the information set forth below regarding all other
holders of Debentures supersedes the information regarding all other holders
appearing on page 49 of the prospectus. We have prepared this table based on
information given to us by the selling securityholders listed below prior to the
date hereof.
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 c/o Kallista Master
Fund................................................ 37,750,000 1.69% 491,728 *
American Fidelity Assurance Company (Zazove).......... 580,000 * 7,555 *
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 *
Forest Fulcrum Fund LP................................ 2,500,000 * 32,565 *
Forest Global Convertible Fund, Ltd., Class A-5....... 7,500,000 * 97,694 *
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 *
Physicians Life Insurance Company..................... 1,800,000 * 23,447 *
Quattro Fund Limited.................................. 4,000,000 * 52,104 *
Zurich Institutional Benchmark c/o Quattro Fund....... 1,000,000 * 13,026 *
All other holders(3)(4)............................... 113,114,000 5.06% 1,473,412 *
------------- ------ ---------- ----
2,233,305,000 100.00% 29,090,808 7.89%
============= ====== ========== ====
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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.
(3) Represents holders of Debentures who have not yet provided us with the
information necessary to name them in this prospectus. Information about
these other selling securityholders will be set forth in prospectus
supplements, if required.
(4) Assumes that any other holders of Debentures, or any future transferees,
pledgees, donees or successors of or from any such other holders of
Debentures, do not beneficially own any common stock other than the common
stock issuable upon conversion of the Debentures at the initial conversion
rate.
(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 August 21, 2003.