By Aleesia Forni
Virginia Beach, Oct. 30 – Whirlpool Corp. sold an upsized $650 million two-tranche offering of senior notes (Baa2/BBB/BBB) on Thursday in three- and 10.5-year tranches, according to a market source and a FWP filed with the Securities and Exchange Commission.
The sale included $300 million of 1.65% three-year notes priced at Treasuries plus 75 basis points.
The notes priced at 99.994 to yield 1.652%.
A second tranche was $350 million of 3.7% notes due 2024 priced at 99.897 to yield 3.712%, or Treasuries plus 140 bps.
Both tranches sold at the tight end of talk.
The bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Proceeds will be used to repay commercial paper borrowings,
Whirlpool is a Benton Harbor, Mich.-based appliance maker.
| Issuer: | Whirlpool Corp.
|
| Issue: | Senior notes
|
| Amount: | $650 million, upsized from $600 million
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Co-managers: | BofA Merrill Lynch, MUFG, Wells Fargo Securities, LLC, Banca IMI SpA, Deutsche Bank Securities Inc., Santander Investment Securities Inc., UniCredit Capital Markets LLC
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 4
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB
|
| Distribution: | SEC-registered
|
|
|
| Three-year notes
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| Amount: | $300 million
|
| Maturity: | Nov. 1, 2017
|
| Coupon: | 1.65%
|
| Price: | 99.994
|
| Yield: | 1.652%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | Treasuries plus 80 bps area, tightened from Treasuries plus 100 bps area
|
| Make-whole call: | Treasuries plus 15 bps
|
|
|
| 10.5-year notes
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| Amount: | $350 million
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| Maturity: | May 1, 2025
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| Coupon: | 3.7%
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| Price: | 99.897
|
| Yield: | 3.712%
|
| Spread: | Treasuries plus 140 bps
|
| Price talk: | Treasuries plus 145 bps area, tightened from Treasuries plus 165 bps area
|
| Make-whole call: | Treasuries plus 25 bps
|
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