By Stephanie N. Rotondo
Phoenix, July 18 - Stanley Black & Decker Inc. priced a $750 million issue of 5.75% $25-par junior subordinated notes due July 25, 2052 on Wednesday, according to a market source.
The deal was originally expected to be about $200 million. Pricing was in line with talk.
Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunning managers. Citigroup Global Markets Inc. and RBC Capital Markets LLC are the co-managers.
Interest will be payable on the 15th of March, June, September and December. Interest payments can be deferred for one or more paying periods for up to five consecutive years.
The notes are redeemable at any time.
The company will apply to list the notes on the New York Stock Exchange. Settlement is expected July 25.
Proceeds will be used for general corporate purposes, which may include repayment of short-term debt and the refinancing of recent and near-term debt maturities.
The New Britain, Conn.-based company provides hand tools, power tools and accessories, industrial tools and automotive tools and equipment, mechanical access solutions, electronic security solutions and technology-based (engineered) fastening systems.
| Issuer: | Stanley Black & Decker Inc.
|
| Securities: | Junior subordinated notes
|
| Amount: | $750 million
|
| Maturity: | July 25, 2052
|
| Coupon: | 5.75%
|
| Price: | $25 par
|
| Call option: | Callable at any time
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc. and RBC Capital Markets LLC
|
| Pricing date: | July 18
|
| Settlement date: | July 25
|
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