New Issue: Whirlpool sells $500 million 4.6% notes due 2050 at 340 bps spread

By Marisa Wong

Los Angeles, May 5 – Whirlpool Corp. priced $500 million of 4.6% senior notes due 2050 (Baa1/BBB/BBB) at 98.557 to yield 4.69%, according to an FWP filing with the Securities and Exchange Commission.

The notes were sold with a spread of 340 basis points over Treasuries.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG, SMBC Nikko Securities America, Inc. and ING Financial Markets LLC were the bookrunners.

Proceeds will be used to repay borrowings under the company’s revolving credit facility, as previously reported.

Whirlpool is a Benton Harbor, Mich.-based appliance maker.

Issuer:	Whirlpool Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	May 15, 2050
Bookrunners:	BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG, SMBC Nikko Securities America, Inc. and ING Financial Markets LLC
Coupon:	4.6%
Price:	98.557
Yield:	4.69%
Spread:	340 bps over 2.375% Treasury due Nov. 15, 2049
Call features:	Make-whole call at Treasuries plus 50 bps before Nov. 15, 2049; par call afterward
Put option:	At 101 upon change of control
Trade date:	May 4
Settlement date:	May 7
Ratings:	Moody’s: Baa1
	S&P: BBB
	Fitch: BBB

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