Stanley Black & Decker prices tender for 6.15%, 8.95%, 4.75% notes

By Jennifer Chiou

New York, July 30 - Stanley Black & Decker, Inc. set the total considerations to be paid in the tender offer for its $250 million principal amount of 6.15% notes due 2013 as well as the $350 million principal amount of 8.95% senior notes due 2014 and the $300 million principal amount of 4.75% senior notes due 2014 issued by Black & Decker Corp., a wholly owned subsidiary, according to an 8-K filing with the Securities and Exchange Commission.

For each $1,000 of notes, the company will pay $1,063.18 for the 6.15% notes, $1,138.89 for the 8.95% notes and $1,097.10 for the 4.75% notes.

Pricing for the offer was set at 2 p.m. ET on July 30 using the following reference securities and fixed spreads:

• 0.125% U.S. Treasury notes due Sept. 30, 2013 for the 6.15% notes plus 50 basis points;

• 1.25% U.S. Treasury notes due April 15, 2014 for the 8.95% notes plus 50 bps; and

• 2.375% U.S. Treasury notes due Oct. 31, 2014 for the 4.75% notes plus 15 bps.

Holders also will receive accrued interest to the settlement date of July 31.

The tender offer yield was 0.702% for the 6.15% notes, 0.739% for the 8.95% notes and 0.41% for the 4.75% notes.

The tender offer was to end at 11:59 p.m. ET on July 30.

Citigroup Global Markets Inc. (Attn: liability management group at 800 558-3745 or collect 212 723-6106) is the dealer manager. Global Bondholder Services Corp. (866 612-1500 or for banks and brokers 212 430-3774) is the depositary and information agent.

The New Britain, Conn.-based company provides hand tools, power tools and accessories. It launched the offer on July 24.

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