BATTLE CREEK, Mich. (AP) - Kellogg Co. said Thursday that nearly $482 million has been tendered in response to an offer to swap up to $500 million in aggregate principal of the cereal and snack maker's 6.6 percent interest notes that are due in 2011.

Kellogg also said it is waiving a financing condition of its offer.

Holders who haven't already tendered their notes may do so before the close of business on Dec. 3, unless Kellogg extends the offer.

The principal amount outstanding for notes covered under the exchange offer is $1.4 billion.

Goldman Sachs&Co. and Morgan Stanley&Co. are serving as dealer managers.

Shares of Kellogg fell 64 cents, or about 1.2 percent, to $52.70 in midday trading.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.