Whirlpool to repay borrowings under $1 billion term loan with proceeds from unit sale

By Rebecca Melvin

New York, June 26 –Whirlpool Corp. plans to repay borrowings under its $1 billion term loan agreement with proceeds from the sale of its Embraco business unit, according to an 8-K filing with the Securities and Exchange Commission.

Whirlpool anticipates that the term loan, with Citibank NA as administration agent, will be repaid in the third quarter.

As previously reported, Embraco is being purchased by Nidec Corp. for an estimated $1.1 billion. On Wednesday, the companies received the European Commission’s final approval for the transaction, which was the only remaining outstanding pre-closing antitrust approval required. The parties expect to close in early July.

Whirlpool is a Benton Harbor, Mich.-based appliance maker.

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