Stanley Black & Decker offering $400 million $1,000-par fixed-to-floating notes due 2053

By Stephanie N. Rotondo

Phoenix, Nov. 25 - Stanley Black & Decker Inc. plans to sell $400 million of $1,000-par fixed-to-floating rate junior subordinated debentures due Dec. 15, 2053, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Deutsche Bank Securities Inc., Goldman Sachs & Co. and Wells Fargo Securities LLC are the joint bookrunning managers.

Co-managers include BNP Paribas, BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC.

Interest will be set at a fixed rate through Dec. 15, 2018 and will then begin floating at Libor plus a spread. When fixed, interest will be payable semiannually and quarterly once floating.

The company can defer interest payments for one or more periods for up to five consecutive years.

The notes will be redeemable at any time. They will not be listed on any exchange.

The debt offering is being done concurrently with a $300 million sale of equity units.

Proceeds will be used for general corporate purposes, which may include the repayment of short-term borrowings.

Stanley Black & Decker is a New Britain, Conn.-based electronics manufacturer.

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