Kraft Foods Inc., the world's second- largest food company, announces its plans to issue debt to pay for its takeover of Cadbury Plc as borrowing costs for companies rise.

Chairman Roger Carr and Chief Executive Todd Stitzer will both quit from the group. However, the exact departure dates have yet to be decided, Cadbury revealed in statements to the London Stock Exchange.

Kraft is expected to sell at least $4 billion of notes due in 3.25, 6, 10 and 30 years. The Northfield, Illinois-based company won the approval of Cadbury's shareholders for the 11.7 billion pound ($18.6 billion) acquisition on Feb. 2.

Kraft had sealed the friendly takeover of Cadbury on Tuesday, when it claimed that shareholders representing almost three quarters of Cadbury supported the deal.

Kraft boss Irene Rosenfeld was grabbed a wide criticism, crediting as the mastermind of the Cadbury takeover, which has triggered fears about job cuts at the maker of Dairy Milk chocolate and Trident chewing gum.

"I wish Irene Rosenfeld and her team every success in taking Cadbury and its brands forward", Stitzer added on Wednesday.

PNC Funding Corp., a unit of Pittsburgh, Pennsylvania-based PNC Financial Services Group Inc., sold $2 billion of five- and 10-year notes yesterday, leading $4.28 billion of high-grade corporate debts sales, according to data compiled by Bloomberg.