Walmart gives early results of oversubscribed capped tender offer

Chicago, Sept. 22 – Walmart Inc. announced the early results for its capped cash tender offer from 25 series of notes, according to a press release on Wednesday.

Walmart also announced that the cap that was set at the launch of the offer has been upsized to $10 billion from $8 billion.

The company received tenders for the following amounts of notes, listed in order of acceptance priority level, by the early deadline:

• $119,265,000, or 20.27%, of the $588 million principal amount outstanding 7.55% notes due Feb. 15, 2030 (Cusip: 931142BF9), to be priced using the 1.25% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 15 basis points;

• $1,755,000, or 1.15%, of the $152 million of outstanding 6.75% debentures due Oct. 15, 2023 (Cusip: 931142AU7) to be priced using the 0.125% U.S. Treasury due Aug. 31, 2023 and a fixed spread of 10 bps;

• $261,679,000, or 20.14%, of the $1.3 billion of outstanding 6.5% notes due Aug. 15, 2037 (Cusip: 931142CK7), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 45 bps;

• $110,014,000, or 22.78%, of the $483 million of outstanding 5.875% notes due April 5, 2027 (Cusip: 931142CH4), to be priced using the 0.75% U.S. Treasury due Aug. 31, 2026 and a fixed spread of 30 bps;

• $116,276,000, or 12.65%, of the $919 million of outstanding 6.2% notes due April 15, 2038 (Cusip: 931142CM3), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 50 bps;

• $142,444,000, or 18.96%, of the $751 million of outstanding 5.625% notes due April 1, 2040 (Cusip: 931142CSO), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 55 bps;

• $305,298,000, or 33.24%, of the $918 million of outstanding 5.625% notes due April 15, 2041 (Cusip: 931142DB6), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 55 bps;

• $634,878,000, or 32.27%, of the $1.968 billion of outstanding 5.25% notes due Sept. 1, 2035 (Cusip: 931142CB7) to be priced using the 1.25% U.S. Treasury due Aug. 15, 2031 and a fixed spread of 60 bps;

• $125,068,000, or 24.12%, of the $519 million of outstanding 5% notes due Oct. 25, 2040 (Cusip: 931142CY7), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 60 bps;

• $101,452,000, or 26.86%, of the $378 million of outstanding 4.875% notes due July 8, 2040 (Cusip: 931142CV3), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 60 bps;

• $38,136,000, or 14.16%, of the $269 million of outstanding 4.75% notes due April 2, 2043 (Cusip: 931142DK6), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 65 bps;

•$172,387,000, or 34.35%, of the $502 million of outstanding 4.3% notes due 2044 with a par call date of Oct. 22, 2043 (Cusip: 931142DQ3), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 60 bps;

• $566.44 million, or 56.64%, of the $1 billion of outstanding 3.625% notes due June 15, 2047 (Cusip: 931142DW0), to be priced using the 2.375% U.S. Treasury due May 15, 2051 and a fixed spread of 60 bps;

• $295.9 million, or 41.71%, of the $709 million principal amount outstanding 4% notes due Oct. 11, 2042 (Cusip: 931142DG5) to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 60 bps;

• $1,317,319,000, or 43.91%, of the $3 billion of outstanding 4.05% notes due 2048 (Cusip: 931142EC3), to be priced using the 2.375% U.S. Treasury due May 15, 2051 and a fixed spread of 55 bps;

• $924,862,000, or 61.66%, of the $1.5 billion of outstanding 3.95% notes due 2038 (Cusip: 931142EB5), to be priced using the 1.75% U.S. Treasury due Aug. 15, 2041 and a fixed spread of 40 bps;

• $371,473,000, or 37.15%, of the $1 billion of outstanding 2.95% notes due March 24, 2049 (Cusip: 931142EP4), to be priced using the 2.375% U.S. Treasury due May 15, 2051 and a fixed spread of 50 bps;

• $1,270,665,000, or 46.21%, of the $2.75 billion of outstanding 3.7% notes due March 26, 2028 (Cusip: 931142EE9), to be priced using the 1.25% U.S. Treasury due Aug. 15, 2031 and a fixed spread of negative 5 bps;

• $625,335,000, or 41.69%, of the $1.5 billion of outstanding 3.55% notes due April 26, 2025 (Cusip: 931142ED1), to be priced using the 0.375% U.S. Treasury due April. 30, 2025 and a fixed spread of 12.5 bps;

• $469,846,000, or 17.09%, of the $2.75 billion of outstanding 3.4% notes due May 26, 2023 (Cusip: 931142EK5) to be priced using the 0.125% U.S. Treasury due May 31, 2023 and a fixed spread of 10 bps;

• $517,239,000, or 41.38%, of the $1.25 billion of outstanding 3.25% notes due April 8, 2029 (Cusip: 931142EN9), to be priced using the 1.25% U.S. Treasury due Aug. 15, 2031 and a fixed spread of 5 bps;

• $451,135,000, or 36.09%, of the $1.25 billion of outstanding 3.05% notes due May 8, 2026 (Cusip: 931142EM1), to be priced using the 0.75% U.S. Treasury due Aug. 31, 2026 and a fixed spread of 5 bps;

• $510,429,000, or 34.03%, of the $1.5 billion of outstanding 2.85% notes due June 8, 2024 (Cusip: 931142EL3), to be priced using the 0.25% U.S. Treasury due June 15, 2024 and a fixed spread of 10 bps;

• $369,824,000, or 36.98%, of the $1 billion of outstanding 2.65% notes due Oct. 15, 2024 (Cusip: 931142DV2), to be priced using the 1.5% U.S. Treasury due Sept. 30, 2024 and a fixed spread of 10 bps; and

• $205,047,000, or 41.01%, of the $500 million of outstanding 2.375% notes due June 24, 2029 (Cusip: 931142EQ2), to be priced using the 1.25% U.S. Treasury due Aug. 15, 2031 and a fixed spread of 10 bps.

Pricing will be determined at 10 a.m. ET on Sept. 22.

The offer was conditioned upon a financing condition which has been satisfied.

The early participation date was 5 p.m. ET on Sept. 21. The withdrawal deadline has passed.

Because the offer has been oversubscribed no tenders will be accepted after the early deadline.

Early payment is expected on Thursday.

The offer technically expires at 11:59 p.m. ET on Oct. 5.

Barclays Capital Inc. (800 438-3242, 212 528-7581, email: us.lm@barclayscapital.com), Credit Suisse Securities (USA) LLC (800 221-1037, 212 325-7823, email: americas.lm@credit-suisse.com) and TD Securities (USA) LLC (866 584-2096, 212 827-7795, email: LM@tdsecurities.com) are acting as lead dealer-managers.

BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and NatWest Markets Securities Inc. are acting as co-dealer-managers.

BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as senior co-managers.

BBVA Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., Standard Chartered Bank, U.S. Bancorp Investments, Inc., SMBC Nikko Securities America, Inc., ICBC Standard Bank plc, Lloyds Securities Inc., Loop Capital Markets LLC, Academy Securities, Inc., AmeriVet Securities, Inc., CastleOak Securities, LP, C.L. King & Associates, Inc., Guzman & Co., Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers.

Global Bondholder Services Corp. (contact@gbsc-usa.com, http://www.gbsc-usa.com/Wal-Mart/, 212 430-3774, 866 924-2200) is information agent.

The discount retailer is based in Bentonville, Ark.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.