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Illinois Tool sets guidance for planned notes sale in three-, five-, 10-year tranches; pricing Tuesday
By Aleesia Forni
Virginia Beach, Feb. 18 - Illinois Tool Works Inc. intends to sell a three-part offering of senior notes in tranches due 2017, 2019 and 2024 during Tuesday's session, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The company has set guidance in the area of 35 basis points over Treasuries for the three-year tranche and Treasuries plus 60 bps for the five-year notes.
The 10-year notes are guided in the area of 90 bps over Treasuries.
BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunners.
Proceeds will be used to repay short-term debt under the company's commercial paper program and for other general corporate purposes.
Based in Glenview, Ill., Illinois Tool Works manufactures industrial products and equipment.
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