By Wendy Van Sickle
Columbus, Ohio, April 26 – Whirlpool Corp. sold $300 million of 2.4% 10-year senior notes (Baa1/BBB/BBB) with a spread of 85 basis points over Treasuries on Monday, according to an FWP filing with the Securities and Exchange Commission.
The company priced the notes at 99.822 to yield 2.42%.
Bookrunners were BNP Paribas Securities Corp., BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Mizuho Securities USA Inc.
Proceeds will be used to repay in full at maturity $300 million of the company’s 4.85% senior notes due June 15, 2021. Proceeds will also be used within three years for “eligible projects” that provide eco-efficient products; support renewable energy or energy efficiency; or fund green buildings, pollution prevention and control, socioeconomic advancement and empowerment, or access to basic infrastructure.
Whirlpool is a Benton Harbor, Mich.-based appliance maker.
| Issuer: | Whirlpool Corp.
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| Amount: | $300 million
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| Maturity: | May 15, 2031
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| Securities: | Senior notes
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| Bookrunners: | BNP Paribas Securities Corp., BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Mizuho Securities USA Inc.
|
| Co-managers: | ING Financial Markets LLC, Loop Capital Markets LLC, MUFG and Santander Investment Securities Inc.
|
| Coupon: | 2.4%
|
| Price: | 99.822
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| Yield: | 2.42%
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| Spread: | Treasuries plus 85 bps
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| Call feature: | Make-whole call before Feb. 15, 2031 at Treasuries plus 15 bps; par call on or after Feb. 15, 2031
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| Change-of-control put: | At 101
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| Pricing date: | April 26
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| Settlement date: | April 29
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| Ratings: | Moody’s: Baa1
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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