New Issue: Leggett & Platt prices $500 million 3.5% 10-year senior notes at 120 bps spread

By Cristal Cody

Tupelo, Miss., Nov. 14 – Leggett & Platt, Inc. priced $500 million of 3.5% 10-year senior notes at a spread of Treasuries plus 120 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/BBB+) priced at 99.341 to yield 3.579%.

J.P. Morgan Securities LLC, MUFG, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and SunTrust Robinson Humphrey, Inc. were the bookrunners.

Proceeds will be used for general corporate purposes, including debt repayment or refinancing, which may include $150 million of 4.4% notes due July 1, 2018 at maturity.

Leggett & Platt is a Carthage, Mo.-based producer of residential furnishings, commercial components and industrial materials.

Issuer:	Leggett & Platt, Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	Nov. 15, 2027
Bookrunners:	J.P. Morgan Securities LLC, MUFG, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and SunTrust Robinson Humphrey, Inc.
Co-managers:	PNC Capital Markets LLC, BMO Capital Markets Corp., BofA Merrill Lynch, BB&T Capital Markets, BBVA Securities Inc., Citizens Capital Markets, Inc., TD Securities (USA) LLC and Williams Capital Group, LP
Coupon:	3.5%
Price:	99.341
Yield:	3.579%
Spread:	Treasuries plus 120 bps
Call features:	Make-whole call at Treasuries plus 20 bps before Aug. 15, 2027; thereafter at par
Trade date:	Nov. 14
Settlement date:	Nov. 16
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered

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