Wal-Mart plans $6 billion fixed-, floating-rate notes in seven parts

By Devika Patel

Knoxville, Tenn., Oct. 11 – Wal-Mart Stores, Inc. intends to offer notes (//AA) in seven tranches, according to a 424B2 filing with the Securities and Exchange Commission. And Fitch Ratings in a news release said it anticipates the deal will total $6 billion.

The notes will be sold in five fixed-rate tranches and two floating-rate tranches, with one of the fixed-rate and one of the floating-rate tranches due in 2019, one of the fixed-rate and one of the floating-rate tranches due in 2020, a fixed-rate tranche due in 2022, a fixed-rate tranche due in 2024 and a fixed-rate tranche due in 2047.

The fixed-rate portions will have make-whole calls and par calls. The floaters will be non-callable.

Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. are the bookrunners.

Proceeds will be used to help fund an $8.5 billion tender offer for the company’s 6.5% notes due 2037, 6.2% notes due 2038, 5.625% notes due 2040, 5.625% notes due 2041, 5.25% notes due 2035, 5% notes due 2040, 4.875% notes due 2040, 4.75% notes due 2043, 4.3% notes due 2044, 4% notes due 2043, 5.875% notes due 2027, 4.125% notes due 2019 and 3.625% notes due 2020 and for general corporate purposes.

The discount retailer is based in Bentonville, Ark.

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