By Cristal Cody
Tupelo, Miss., Oct. 29 – Stanley Black & Decker, Inc. priced $750 million of 2.75% 30-year notes (Baa1/A/A-) on Thursday at a spread of Treasuries plus 112.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was at the Treasuries plus 130 bps spread area.
The notes were sold at 99.735 to yield 2.763%.
Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to redeem the company’s 3.4% notes due December 2021 and its 2.9% notes due November 2022.
Stanley Black & Decker is a New Britain, Conn.-based maker of hand tools, power tools and accessories.
| Issuer: | Stanley Black & Decker, Inc.
|
| Amount: | $750 million
|
| Description: | Notes
|
| Maturity: | Nov. 15, 2050
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Co-managers: | HSBC Securities (USA) Inc. and RBC Capital Markets, LLC
|
| Coupon: | 2.75%
|
| Price: | 99.735
|
| Yield: | 2.763%
|
| Spread: | Treasuries plus 112.5 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before May 15, 2050; thereafter at par
|
| Trade date: | Oct. 29
|
| Settlement date: | Nov. 2
|
| Ratings: | Moody’s: Baa1
|
| S&P: A
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 130 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
