By Andrea Heisinger
New York, Nov. 29 - Newell Rubbermaid Inc. sold an upsized $350 million of 2.05% five-year notes on Thursday to yield 145 basis points over Treasuries, an informed source told Prospect News.
The size was increased from $300 million, the source said.
The notes (Baa3/BBB-/BBB) were priced at 99.887 to yield 2.074%. There is a make-whole call at Treasuries plus 25 bps.
The notes feature a change-of-control put at 101%.
Bookrunners were Barclays and Citigroup Global Markets Inc.
Proceeds, together with cash on hand and short-term borrowings, will be used to redeem $500 million of 5.5% notes due 2013.
Newell Rubbermaid last tapped the bond market with a $500 million sale in two maturities on June 11.
The consumer and commercial products maker is based in Atlanta.
| Issuer: | Newell Rubbermaid Inc.
|
| Issue: | Notes
|
| Amount: | $350 million, upsized from $300 million
|
| Maturity: | Dec. 1, 2017
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc.
|
| Co-managers: | Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, RBC Capital Markets LLC
|
| Coupon: | 2.05%
|
| Price: | 99.887
|
| Yield: | 2.074%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
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