New Issue: Leggett & Platt prices $500 million 4.4% 10-year senior notes at 175 bps spread

By Cristal Cody

Tupelo, Miss., March 4 – Leggett & Platt, Inc. (Baa1/BBB) priced $500 million of 4.4% 10-year senior notes at a spread of Treasuries plus 175 basis points on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.391 to yield 4.476%.

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

The company held fixed income investor calls on Friday.

Proceeds will be used to repay commercial paper.

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:	March 15, 2029
Bookrunners:	J.P. Morgan Securities LLC, MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Co-managers:	BofA Merrill Lynch, SunTrust Robinson Humphrey, Inc., PNC Capital Markets LLC, BMO Capital Markets Corp., BB&T Capital Markets, BBVA Securities Inc., TD Securities (USA) LLC and Williams Capital Group, LP
Coupon:	4.4%
Price:	99.391
Yield:	4.476%
Spread:	Treasuries plus 175 bps
Call features:	Make-whole call at Treasuries plus 30 bps before Dec. 15, 2028; thereafter at par
Trade date:	March 4
Settlement date:	March 7
Ratings:	Moody’s: Baa1
	S&P: BBB
Distribution:	SEC registered
Marketing:	Fixed income investor calls

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