Published on 3/1/2023 in the Prospect News Investment Grade Daily.
New Issue: Stanley Black & Decker prices $750 million of notes in two tranches
By Wendy Van Sickle
Columbus, Ohio, March 1 – Stanley Black & Decker, Inc. priced $750 million of notes in two tranches (Baa2/A/BBB+) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
A $350 million tranche of three-year notes priced at par to yield 6.272%, or a spread of 165 basis points over Treasuries.
Stanley Black & Decker sold $400 million of 6% five-year notes at 99.893 to yield 6.025%, or a spread of 175 bps over Treasuries.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay debt under the issuer’s commercial paper facilities.
Stanley Black & Decker is a New Britain, Conn.-based maker of hand tools, power tools and accessories.
| Issuer: | Stanley Black & Decker, Inc.
|
| Amount: | $750 million
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Skadden, Arps, Slate, Meagher & Flom LLP, in-house
|
| Counsel to underwriters: | Davis Polk & Wardwell LLP
|
| Trade date: | March 1
|
| Settlement date: | March 6
|
| Ratings: | Moody’s: Baa2
|
| S&P: A
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $350 million
|
| Maturity: | March 6, 2026
|
| Coupon: | 6.272%
|
| Price: | Par
|
| Yield: | 6.272%
|
| Spread: | Treasuries plus 165 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before March 6, 2024; thereafter at par
|
| Cusip: | 854502AS0
|
|
|
| Five-year notes
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| Amount: | $400 million
|
| Maturity: | March 6, 2028
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| Coupon: | 6%
|
| Price: | 99.893
|
| Yield: | 6.025%
|
| Spread: | Treasuries plus 175 bps
|
| Call features: | Make-whole call at Treasuries plus 40 bps before Feb. 6, 2028; thereafter at par
|
| Cusip: | 854502AT8
|
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