By Andrea Heisinger
New York, May 29 - Whirlpool Corp. priced an upsized $300 million of 4.7% 10-year notes on Tuesday at a spread of Treasuries plus 300 basis points, a market source said.
The size of the deal was increased from $250 million, a source said.
The notes (Baa3/BBB-/BBB) were priced at 99.85 to yield 4.719%.
There is a make-whole call at 45 bps over Treasuries and a change-of-control put at 101%.
J.P. Morgan Securities LLC and RBS Securities Inc. were the active bookrunners. Passive bookrunners were BNP Paribas Securities Corp. and Citigroup Global Markets Inc.
Co-managers were ING Financial Markets LLC, Bank of America Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc. and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes, including debt repayment under a long-term revolving credit facility.
The Benton Harbor, Mich.-based appliance maker last priced $300 million of 4.85% 10-year notes at 183 bps over Treasuries.
| Issuer: | Whirlpool Corp.
|
| Issue: | Notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | June 1, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, RBS Securities Inc. (active), BNP Paribas Securities Corp., Citigroup Global Markets Inc. (passive)
|
| Co-managers: | ING Financial Markets LLC, Bank of America Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.7%
|
| Price: | 99.85
|
| Yield: | 4.719%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 29
|
| Settlement date: | June 1
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
