By Marisa Wong and Cristal Cody
Los Angeles, Nov. 16 – Leggett & Platt, Inc. priced $500 million of 3.5% 30-year senior notes (expected: Baa2/BBB/BBB) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.705 to yield 3.516%, or a spread of 150 basis points over Treasuries.
Price talk was in the Treasuries plus 160 bps to 165 bps area, according to a market source.
The notes will have a make-whole call until six months prior to the maturity date and then a par call. The notes are also putable at 101 upon a change of control.
J.P. Morgan Securities LLC, MUFG and U.S. Bancorp Investments, Inc. are the active joint bookrunners, and BofA Securities, Inc. and Wells Fargo Securities, LLC are passive joint bookrunners.
Proceeds will be used for general corporate purposes, which may include repayment or refinancing of existing debt.
Leggett & Platt is a Carthage, Mo.-based manufacturer of residential furnishings, commercial components and industrial materials.
| Issuer: | Leggett & Platt, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2051
|
| Bookrunners: | J.P. Morgan Securities LLC, MUFG and U.S. Bancorp Investments, Inc. (active); BofA Securities, Inc. and Wells Fargo Securities, LLC (passive)
|
| Senior co-managers: | PNC Capital Markets LLC and Truist Securities, Inc.
|
| Co-managers: | BBVA Securities Inc., BMO Capital Markets Corp., TD Securities (USA) LLC and Siebert Williams Shank & Co., LLC
|
| Coupon: | 3.5%
|
| Price: | 99.705
|
| Yield: | 3.516%
|
| Spread: | Treasuries plus 150 bps
|
| Call options: | Prior to May 15, 2051, Treasuries plus 25 bps; after that, par
|
| Put option: | At 101 upon a change of control
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 19
|
| Expected ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 160 bps to 165 bps area
|
| Cusip: | 524660BA4
|
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