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Walmart plans to sell fixed- and floating-rate notes in nine tranches
By Devika Patel
Knoxville, Tenn., June 20 – Walmart Inc. (Aa2/AA/AA) intends to offer notes in nine parts, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will be sold in seven fixed-rate tranches and two floating-rate tranches, with one of the fixed-rate and one of the floating-rate tranches due in 2020, one of the fixed-rate and one of the floating-rate tranches due in 2021, a fixed-rate tranche due in 2023, a fixed-rate tranche due in 2025, a fixed-rate tranche due in 2028, a fixed-rate tranche due in 2038 and a fixed-rate tranche due in 2048.
The 2020 and 2021 fixed-rate notes feature a make-whole call. The 2023 fixed-rate notes feature a make-whole call until one month prior to maturity and then a par call. The 2025 fixed-rate notes feature a make-whole call until two months prior to maturity and then a par call. The 2028 fixed-rate notes feature a make-whole call until three months prior to maturity and then a par call. The 2038 and 2048 fixed-rate notes feature a make-whole call until six months prior to maturity and then a par call.
The floaters will be non-callable.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, HSBC Securities (USA) Inc. and Wells Fargo Securities LLC are the bookrunners.
As previously reported, the company held fixed income investor calls for the note offering on Monday.
Proceeds will be used for a portion of the approximately $16 billion purchase price for the company’s planned acquisition of 77% of the common stock of Flipkart Private Ltd. and, if not used for the acquisition, for general corporate purposes, including to redeem all of the company’s outstanding 2021 floating-rate notes, 2021 fixed-rate notes, 2023 notes, 2028 notes and 2038 notes in a special mandatory redemption.
The discount retailer is based in Bentonville, Ark.
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