(Bloomberg) -- Mars Inc. is readying an investment-grade bond sale for early next year to help fund its planned $36 billion acquisition of fellow foodmaker Kellanova, according to people familiar with the matter.

The issuance could occur in December, but it’s more likely to happen in the new year, said one of the people, who like the others asked not to be identified as the matter is private. Mars lined up a $29 billion bridge loan in August from $Citigroup Inc(C-N)$. and JPMorgan Chase & Co. to help finance the purchase, which is being targeted to close in the first half of 2025.

Mars, JPMorgan and Citi all declined to comment. 

Given year-end holidays and upcoming economic-data reports, there are probably just six days in December for high-grade issuers to sell debt, Barclays Plc analysts recently wrote. 

The Mars/Kellanova deal is one of the few investment-grade acquisitions that will need debt financing in coming months. The market’s last big buyout-related bond sale was Hewlett Packard Enterprise Co.’s $9 billion offering in September to help finance its proposed purchase of Juniper Networks Inc. But the deal is facing a potential challenge from the US Justice Department, Bloomberg News reported last week.

Mars was put on watch for possible downgrade by both Moody’s Ratings and S&P Global Ratings following the Kellanova takeover announcement in August. They currently have Mars four steps below triple-A.

--With assistance from Silas Brown.

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