Company: CAG
Filing Date: 2025-07-15
Form Type: 424B5
Source: 0001104659-25-067959
Chunk: 20

Company: CONAGRA BRANDS INC.
Filing Date: 2025-07-15
Form: 424B5
Chunk 20
---
 of our assets.

A “Change of Control” may require us to make an offer to repurchase all outstanding notes (see “Description of Notes — Change of Control Offer”). The definition of change of control includes a phrase relating to the sale of “all or substantially all” of our assets. There is no precise established definition of the phrase “substantially all” under applicable law. Accordingly, the ability of a holder of any series of notes to require us to repurchase its notes as a result of a sale of less than all of our assets to another individual, group or entity may be uncertain.

We may not be able to repurchase all of the notes upon a change of control triggering event, which would result in a default under the notes.

We will be required to offer to repurchase the notes upon the occurrence of a “Change of Control Triggering Event” as provided by the terms of the notes. However, we may not have sufficient funds to repurchase the notes in cash at such time. In addition, our ability to repurchase the notes for cash may be limited by law or the terms of other agreements relating to our debt outstanding at the time. The failure to make such repurchase would result in a default under the notes.

<div align='center'>S-8</div>

TABLE OF CONTENTS

### USE OF PROCEEDS
We expect to receive net proceeds of approximately $ million from this offering, after deducting the underwriting discount and estimated offering expenses payable by us. We intend to use the net proceeds from this offering for general corporate purposes, including the repayment of a portion of our outstanding 2025 Senior Notes.

As of the date of this prospectus supplement, we had $1.0 billion aggregate principal amount of 2025 Senior Notes outstanding. The 2025 Senior Notes bear interest at an annual rate of 4.600% per year and mature on November 1, 2025. References to the repayment of the 2025 Senior Notes in this prospectus supplement do not constitute a notice of redemption pursuant to the terms of the 2025 Senior Notes.

Certain of the underwriters or their affiliates may hold outstanding 2025 Senior Notes that we intend to repay using the net proceeds of this offering. In such event, it is possible that one or more of the underwriters or their affiliates could receive more than 5% of the net proceeds of this offering, and in that case, such underwriter would be deemed to have a conflict of interest under FINRA Rule