By Abigail W. Adams
Portland, Me., May 8 – Stanley Black & Decker, Inc. priced a remarketed $750 million of its par of $1,000 series C cumulative perpetual convertible preferred stock after the market close on Thursday with a dividend of 5%, which will increase to 10% at the May 15, 2023 step-up date, according to an FWP filing with the Securities and Exchange Commission.
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as remarketing agents.
The convertible preferred stock is freely callable on or after May 15, 2021 at par plus accrued interest.
The conversion price is $148.47 per share.
The series C convertible preferred stock was originally issued on May 17, 2017 with no dividend and a conversion price of $161.29.
The preferreds initially became callable on or after June 22 at par.
Stanley Black & Decker is a New Britain, Conn.-based maker of hand tools, power tools and accessories.
| Issuer: | Stanley Black & Decker, Inc.
|
| Securities: | Series C cumulative perpetual convertible preferred stock
|
| Amount: | $750 million
|
| Maturity: | Perpetual
|
| Remarketing agents: | Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC
|
| Dividend: | 5% to step up to 10% on May 15, 2023
|
| Price: | Par of $1,000
|
| Conversion price: | $148.47
|
| Conversion rate: | 6.7352
|
| Call options: | Callable on or after May 15, 2021
|
| Pricing date: | May 7
|
| Settlement date: | May 15
|
| Distribution: | Registered
|
| Stock symbol: | NYSE: SWK
|
| Stock price: | $109.98 at market close May 7
|
| Market capitalization: | $17.45 billion
|
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