Published on 5/15/2017 in the Prospect News Investment Grade Daily.
New Issue: W.W. Grainger sells $400 million 4.2% 30-year senior notes at 120 bps over Treasuries
By Cristal Cody
Tupelo, Miss., May 15 – W.W. Grainger, Inc. sold $400 million of 4.2% 30-year senior notes on Monday at 99.646 to yield 4.221%, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A+) priced with a spread of 120 basis points over Treasuries.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Barclays and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used to repay debt and the remainder for general corporate purposes.
The industrial supply company is based in Lake Forest, Ill.
Issuer: | W.W. Grainger, Inc.
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Amount: | $400 million
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Description: | Senior notes
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Maturity: | May 15, 2047
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Bookrunners: | Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Barclays and RBC Capital Markets, LLC
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Coupon: | 4.2%
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Price: | 99.646
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Yield: | 4.221%
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Spread: | Treasuries plus 120 bps
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Call feature: | Make-whole call before Nov. 15, 2046 at Treasuries plus 20 bps; thereafter at par
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Trade date: | May 15
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Settlement date: | May 22
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Ratings: | Moody’s: A2
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| S&P: A+
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Distribution: | SEC registered
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