New Issue: Illinois Tool Works sells $1 billion 2.65% 10-year notes at 85 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., Oct. 31 – Illinois Tool Works Inc. sold $1 billion of 2.65% 10-year senior notes on Monday at 99.685 to yield 2.686%, according to an FWP filing with the Securities and Exchange Commission.

The notes (A2/A+) priced with a spread of 85 basis points over Treasuries.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co., Mizuho Securities USA Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to repay short-term commercial paper debt and for general corporate purposes.

Glenview, Ill.-based Illinois Tool Works manufactures industrial products and equipment.

Issuer:	Illinois Tool Works Inc.
Amount:	$1 billion
Description:	Senior notes
Maturity:	Nov. 15, 2026
Bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co., Mizuho Securities USA Inc., Wells Fargo Securities LLC
Co-managers:	ANZ Securities, Inc., Commerz Markets LLC, HSBC Securities (USA) Inc., BofA Merrill Lynch, SG Americas Securities, LLC, BMO Capital Markets Corp., Danske Markets Inc., ING Financial Markets LLC, Loop Capital Markets LLC, U.S. Bancorp Investments, Inc.
Coupon:	2.65%
Price:	99.685
Yield:	2.686%
Spread:	Treasuries plus 85 bps
Trade date:	Oct. 31
Settlement date:	Nov. 7
Call feature:	Make-whole call before Aug. 15, 2026 at Treasuries plus 15 bps, on or after Aug. 15, 2026 at par
Ratings:	Moody’s: A2
	S&P: A+
Distribution:	SEC registered

© 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.