By Andrea Heisinger
New York, Aug. 8 - Leggett & Platt Inc. sold $300 million of 3.4% 10-year senior notes on Wednesday to yield Treasuries plus 180 basis points, a source close to the deal said.
The notes (Baa1/BBB+/) were priced at 99.706 to yield 3.435%.
There is a make-whole call at Treasuries plus 30 bps until March 15, 2022 and a par call after that date. The deal also features a change-of-control put at 101%.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the active bookrunners. U.S. Bancorp Investments Inc. was a passive bookrunner.
Senior co-manager was Mitsubishi UFJ Securities (USA) Inc.
Co-managers were PNC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, Comerica Securities, Inc., Fifth Third Securities, Inc. and UMB Financial Services, Inc.
Proceeds will be used for general corporate purposes, including repayment or refinancing of debt, funding possible future acquisitions and/or stock repurchase.
The diversified manufacturer is based in Carthage, Mo.
| Issuer: | Leggett & Platt Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Aug. 15, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC (active), U.S. Bancorp Investments Inc. (passive)
|
| Senior co-manager: | Mitsubishi UFJ Securities (USA) Inc.
|
| Co-managers: | PNC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, Comerica Securities, Inc., Fifth Third Securities, Inc., UMB Financial Services, Inc.
|
| Coupon: | 3.4%
|
| Price: | 99.706
|
| Yield: | 3.435%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Make-whole at Treasuries plus 30 bps until March 15, 2022, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 8
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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