Nutella Maker Taps Private Debt Market for Over $1 Billion (1)

Italian confectioner Ferrero SpA raised more than $1 billion in dollar-equivalent high-grade private debt to refinance part of its bank loans, people familiar with the matter said.

The maker of brands including Nutella spreads and Ferrero Rocher chocolates will use the funds to replace part of the €2 billion ($2.2 billion) it borrowed from lenders when it acquired US ice cream business Wells Enterprises toward the end of last year, said the people, who asked not to be named because the information is private.

Bank of America Corp. and BNP Paribas SA arranged the transaction for Ferrero. The deal is ...