Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration No. 333-177140

September 10, 2012


Pricing Term Sheet


      1.350% Senior Notes due 2015    2.100% Senior Notes due 2018    3.250% Senior Notes due 2022
Issuer:    ConAgra Foods, Inc.
Size:    $250,000,000    $250,000,000    $250,000,000
Maturity:    September 10, 2015    March 15, 2018    September 15, 2022
Coupon (Interest Rate):    1.350%    2.100%    3.250%
Yield to Maturity:    1.425%    2.146%    3.316%
Spread to Benchmark Treasury:    + 110 bps    + 150 bps    + 165 bps
Benchmark Treasury:    UST 0.250% due August 15, 2015    UST 0.625% due August 31, 2017    UST 1.625% due August 15, 2022
Benchmark Treasury Yield:    0.325%    0.646%    1.666%
Interest Payment Dates:    March 10 and September 10, commencing March 10, 2013    March 15 and September 15, commencing March 15, 2013    March 15 and September 15, commencing March 15, 2013
Make-Whole Call:    T + 20 bps    T + 25 bps    T + 25 bps
Price to Public:    99.781%    99.762%    99.442%
Trade Date:    September 10, 2012    September 10, 2012    September 10, 2012
Settlement Date:    September 13, 2012    September 13, 2012    September 13, 2012
CUSIP:    205887 BH4    205887 BG6    205887 BJ0
Anticipated Ratings:   

Baa2 (stable outlook) by Moody’s Investors Service, Inc.

BBB (stable outlook) by Standard & Poor’s Ratings Services

BBB (stable outlook) by Fitch Ratings

Use of Proceeds:    ConAgra Foods expects to receive net proceeds (after deducting underwriting discounts but before deducting expenses of the offering) of $743,337,500 from this offering. It intends to use the net proceeds from the offering for general corporate purposes, including repayment of outstanding commercial paper.
Joint Book-Running Managers   

J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Mitsubishi UFJ Securities (USA), Inc.


J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

BNP Paribas Securities Corp.

   J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated RBS Securities Inc. Wells Fargo Securities, LLC

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 www.sec.gov. 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 J.P. Morgan Securities LLC collect at (212) 834-4533 or Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322.

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 email or another communication system.