By Aleesia Forni
Virginia Beach, Feb. 20 - Whirlpool Corp. priced $800 million of senior notes (Baa2/BBB/BBB) in tranches due 2017, 2019 and 2024 on Thursday, according to a market source.
A $250 million tranche of 1.35% three-year notes priced at 99.947 to yield 1.368%, or 65 basis points over Treasuries.
There was also a $250 million tranche of 2.4% notes due 2019, which sold with a spread of Treasuries plus 90 bps. Pricing was at 99.774 to yield 2.448%.
Finally, $300 million of 4% notes due 2024 sold at 99.893 to yield 4.013%, or Treasuries plus 125 bps.
All three tranches priced at the tight end of talk.
Active bookrunners were J.P. Morgan Securities LLC and RBS Securities Inc., while BNP Paribas Securities Corp. and Citigroup Global Markets Inc. were the passive bookrunners.
Proceeds will be used for general corporate purposes, including repayment of $100 million of 6.45% Maytag medium-term notes that mature in August 2014 and $500 million 8.6% senior notes that mature in May 2014.
Whirlpool is a Benton Harbor, Mich.-based appliance maker.
| Issuer: | Whirlpool Corp.
|
| Issue: | Senior notes
|
| Amount: | $800 million
|
| Active bookrunners: | J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Passive bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc.
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
|
|
| Notes due 2017
|
| Amount: | $250 million
|
| Maturity: | March 1, 2017
|
| Coupon: | 1.35%
|
| Price: | 99.947
|
| Yield: | 1.368%
|
| Spread: | Treasuries plus 65 bps area
|
| Price talk: | Treasuries plus 70 bps area, tightened from Treasuries plus low 90 bps area
|
|
|
| Notes due 2019
|
| Amount: | $250 million
|
| Maturity: | March 1, 2019
|
| Coupon: | 2.4%
|
| Price: | 99.774
|
| Yield: | 2.448%
|
| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 95 bps area, tightened from Treasuries plus 112.5 bps area
|
|
|
| Notes due 2024
|
| Amount: | $300 million
|
| Maturity: | March 1, 2024
|
| Coupon: | 4%
|
| Price: | 99.893
|
| Yield: | 4.013%
|
| Spread: | Treasuries plus 125 bps
|
| Price talk: | Treasuries plus 130 bps area, tightened from Treasuries plus low 140 bps area
|
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