Chicago, Feb. 14 – Whirlpool Corp. priced $300 million of 5.5% senior notes due 2033 on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.914 to yield 5.511%, or at a spread of 175 basis points to Treasuries.
The notes will have a make-whole call option at Treasuries plus 30 bps and then a par call option starting Dec. 1, 2032.
BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., SG Americas Securities, LLC and Scotia Capital (USA) Inc. are the joint bookrunners.
Proceeds will be used to repay all of the company’s $250 million of 3.7% notes at maturity on March 1, 2023.
Whirlpool is a Benton Harbor, Mich.-based appliance maker.
| Issuer: | Whirlpool Corp.
|
| Amount: | $300 million
|
| Issue: | Senior notes
|
| Maturity: | March 1, 2033
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| Bookrunners: | BNP Paribas Securities Corp., ING Financial Markets LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., SG Americas Securities, LLC and Scotia Capital (USA) Inc.
|
| Co-managers: | Loop Capital Markets LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Kirkland & Ellis LLP
|
| Counsel to underwriters: | Mayer Brown LLP
|
| Coupon: | 5.5%
|
| Price: | 99.914
|
| Yield: | 5.511%
|
| Spread: | Treasuries plus 175 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps until Dec. 1, 2031; thereafter at par
|
| Change of control: | At 101
|
| Trade date: | Feb. 14
|
| Settlement date: | Feb. 22
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 963320BA3
|
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