By Cristal Cody
Tupelo, Miss., Oct. 30 – Stanley Black & Decker, Inc. priced $1 billion of notes (Baa1/A/A-) in two tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The $500 million of 4.25% 10-year notes priced at 99.926 to yield 4.259%, or a spread of 115 basis points over Treasuries. Price guidance on the notes was in the Treasuries plus 110 bps to 115 bps area with initial price talk in the Treasuries plus 125 bps area.
A $500 million tranche of 4.85% 30-year notes priced at 99.888 to yield 4.857%. The bonds priced with a Treasuries plus 150 bps spread.
The 30-year notes were initially talked to price in the Treasuries plus 160 bps area with guidance later firmed to the Treasuries plus 150 bps area, plus or minus 2 bps.
Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including debt repayment.
Stanley Black & Decker is a New Britain, Conn.-based maker of hand tools, power tools and accessories.
| Issuer: | Stanley Black & Decker, Inc.
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC
|
| Co-managers: | Deutsche Bank Securities Inc. and RBC Capital Markets, LLC
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody’s: Baa1
|
| S&P: A
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2028
|
| Coupon: | 4.25%
|
| Price: | 99.926
|
| Yield: | 4.259%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Aug. 15, 2028; thereafter at par
|
| Price guidance: | Treasuries plus 110 bps-115 bps area; initial price talk at Treasuries plus 125 bps area
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2048
|
| Coupon: | 4.85%
|
| Price: | 99.888
|
| Yield: | 4.857%
|
| Spread: | Treasuries plus 150 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before May 15, 2048; thereafter at par
|
| Price guidance: | Treasuries plus 150 bps area, plus or minus 2 bps; initial price talk at Treasuries plus 160 bps area
|
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