By Andrea Heisinger
New York, April 29 - Whirlpool Corp. sold $850 million of notes (Baa3/BBB-/BBB-) in two tranches Wednesday, an informed source said.
The $350 million of 8% three-year notes priced at 99.889 to yield 8.043%, or Treasuries plus 662.5 basis points.
The $500 million of 8.6% five-year notes priced at 99.95 to yield 8.613%, or Treasuries plus 662.5 bps.
Both tranches have make-whole calls at Treasuries plus 50 bps. They feature a change-of-control put of 101%.
Bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
Senior co-managers were Banc of America Securities LLC, Barclays Capital Inc. and RBS Securities Inc.
Co-managers were Daiwa Securities America and Fortis Securities.
Proceeds will be used for general corporate purposes.
The appliance company is based in Benton Harbor, Mich.
| Issuer: | Whirlpool Corp.
|
| Issue: | Notes
|
| Total amount: | $850 million
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Senior co-managers: | Banc of America Securities LLC, Barclays Capital Inc., RBS Securities Inc.
|
| Co-managers: | Daiwa Securities America, Fortis Securities
|
| Change-of-control put: | 101%
|
| Trade date: | April 29
|
| Settlement date: | May 4
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
|
|
| Three-year notes
|
| Amount: | $350 million
|
| Maturity: | May 1, 2012
|
| Coupon: | 8%
|
| Price: | 99.889
|
| Yield: | 8.043%
|
| Spread: | Treasuries plus 662.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | May 1, 2014
|
| Coupon: | 8.6%
|
| Price: | 99.95
|
| Yield: | 8.613%
|
| Spread: | Treasuries plus 662.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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