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Newell Rubbermaid wraps early tenders for $168.69 million of 4.7% notes
By Susanna Moon
Chicago, Dec. 5 – Newell Rubbermaid Inc. said holders had tendered $168,686,000 principal amount of its $550 million outstanding 4.7% notes due 2020 by 5 p.m. ET on Dec. 4, the early tender date.
The company accepted all of the tendered notes for purchase after lifting the tender offer cap to $168,686,000 from $100 million, according to a company press release.
No other terms of the tender offer were changed.
As previously announced, pricing will be set at 2 p.m. ET on Dec. 5 using the bid-side price of the 1.5% U.S. Treasury note due Oct. 31, 2019 plus a fixed spread of 120 basis points.
The total purchase price will include an early tender premium of $30.00 per $1,000 of notes tendered by the early tender deadline.
The total hypothetical purchase price was set at $1,097.54 per $1,000 principal amount of notes, which includes a $30 early tender premium.
The hypothetical pricing was set using a reference yield of 1.63% at 2 p.m. ET on Nov. 13 with a tender offer yield of 2.83%.
The tender offer is set to end at 11:59 p.m. ET on Dec. 18, with settlement on Dec. 8 for early tendered notes and Dec. 19 for remaining tenders. The offer began Nov. 14.
Newell Rubbermaid also will pay accrued interest up to but excluding the settlement date.
Tendered notes may no longer be withdrawn, as of the early tender deadline.
The tender offer is conditioned on the company obtaining enough funds from a new debt financing to fund the offer.
Newell Rubbermaid sold an $850 million two-tranche offering of senior notes on Nov. 14, as previously reported.
Goldman, Sachs & Co. (800 828-3182 or 212 357-0215 collect) and Barclays (800 438-3242 or 212 528-7581 collect) are the dealer managers. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) the information agent and tender agent.
Newell Rubbermaid is an Atlanta-based manufacturer of consumer and commercial products.
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