Free Writing Prospectus

Free Writing Prospectus Filed Pursuant to Rule 433


To Prospectus dated May 14, 2012 and


Preliminary Prospectus Supplement Dated May 14, 2012


Registration No. 333-181377


Kellogg Company

$350,000,000 1.125% Notes due 2015

$400,000,000 1.750% Notes due 2017

$700,000,000 3.125% Notes due 2022

Pricing Term Sheet

May 14, 2012


Issuer:    Kellogg Company
Trade Date:    May 14, 2012
Settlement Date:    May 17, 2012 (T+3)

Moody’s — Baa1 (Negative Outlook)

S&P — BBB+ (Negative Outlook)

Fitch — BBB+ (Negative Outlook)

Special Optional Redemption:    The issuer may redeem each or any of the 2015 notes, the 2017 notes or the 2022 notes, in whole but not in part, if the acquisition of the Pringles® business is not consummated on or before December 31, 2012 or the related Acquisition Agreement is terminated at any time on or before such date, at 101% of the aggregate principal amount of the notes being redeemed
Joint Book-Running Managers:   

Barclays Capital Inc.

J.P. Morgan Securities LLC

Wells Fargo Securities, LLC

Citigroup Global Markets Inc.

U.S. Bancorp Investments, Inc.


Rabo Securities USA, Inc.

Deutsche Bank Securities Inc.

Mitsubishi UFJ Securities (USA), Inc.

Goldman, Sachs & Co.

Mizuho Securities USA Inc.

SunTrust Robinson Humphrey, Inc.

Title of Securities:


2015 Notes


2017 Notes


2022 Notes

Principal Amount:    $350,000,000    $400,000,000    $700,000,000
Maturity Date:    May 15, 2015    May 17, 2017    May 17, 2022
Coupon (Interest Rate):    1.125%    1.750%    3.125%
Yield to Maturity:    1.165%    1.864%    3.224%
Spread to Benchmark Treasury:    80 bps    115 bps    145 bps
Benchmark Treasury:    UST 0.250% due May 15, 2015    UST 0.875% due April 30, 2017    UST 1.750% due May 15, 2022

Benchmark Treasury Price and


   99-21; 0.365%    100-25; 0.714%    99-25; 1.774%
Interest Payment Dates:    May 15th and November 15th, beginning November 15th, 2012    May 17th and November 17th, beginning November 17, 2012    May 17th and November 17th, beginning November 17, 2012
Make-Whole Call:    At any time at a discount rate of Treasury Rate plus 15 basis points    At any time at a discount rate of Treasury Rate plus 20 basis points    At any time at a discount rate of Treasury Rate plus 25 basis points
Price to Public:    99.883%    99.458%    99.159%
CUSIP:    487836 BG2    487836 BH0    487836 BJ6

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll-free at 1-888-603-5847, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at 1-800-326-5897.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via Bloomberg or another email system.