Home Depot selling 10-, 30-year senior notes Tuesday

By Andrea Heisinger

New York, April 2 - Home Depot, Inc. is expected to price senior notes (A3/A-/) in tranches due 2023 and 2043 on Tuesday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The notes feature a change-of-control put at 101%. There is a make-whole call on the 10-year notes until three months prior to maturity when it will switch to a par call, and a make-whole call on the 30-year bonds until six months prior to maturity.

Barclays, BofA Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used for general corporate purposes, including common stock repurchases.

The Atlanta-based home improvement retailer was last in the U.S. bond market with a $2 billion sale of notes in two parts on March 28, 2011. That offering included a 4.4% 10-year note priced at 97 basis points over Treasuries and a 5.95% 30-year bond sold at 147 bps over Treasuries.

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