By Andrea Heisinger
New York, June 2 - Whirlpool Corp. sold an upsized $300 million of 4.85% 10-year notes on Thursday to yield Treasuries plus 183 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size was increased from $250 million, a source said. The notes sold in line with guidance in the "high 100s," according to a source.
The notes (Baa3/BBB-/BBB) sold at 99.967 to yield 4.854%.
They have a make-whole redemption at Treasuries plus 30 bps and feature a change-of-control put at 101.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBS Securities Inc. were bookrunners.
Co-managers were ING Securities and Mitsubishi UFJ Securities USA Inc.
Proceeds are being used for general corporate purposes including repayment of 6.125% debt maturing on June 15.
The appliance maker is based in Benton Harbor, Mich.
| Issuer: | Whirlpool Corp.
|
| Issue: | Notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | June 15, 2021
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Co-managers: | ING Securities, Mitsubishi UFJ Securities USA Inc.
|
| Coupon: | 4.85%
|
| Price: | 99.967
|
| Yield: | 4.854%
|
| Spread: | Treasuries plus 183 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Change-of-control put: | 101
|
| Trade date: | June 2
|
| Settlement date: | June 7
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Price talk: | High 100s
|
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