By Marisa Wong
Los Angeles, May 2 – Whirlpool Corp. priced $300 million of 4.7% 10-year senior notes (Baa1/BBB/BBB) on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.061 to yield 4.819%, or a spread of 183 basis points over Treasuries.
Talk was in the 195 bps to 200 bps area over Treasuries.
The notes have a make-whole call and then a par call.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC and J.P. Morgan Securities LLC are the bookrunners.
Proceeds will be used to repay all of the company’s $300 million of 4.7% notes at maturity on June 1, 2022, as previously disclosed.
Whirlpool is a Benton Harbor, Mich.-based appliance maker.
| Issuer: | Whirlpool Corp.
|
| Amount: | $300 million
|
| Issue: | Senior notes
|
| Maturity: | May 14, 2032
|
| Joint bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC and J.P. Morgan Securities LLC
|
| Co-managers: | BofA Securities, Inc., MUFG, SMBC Nikko Securities America, Inc. and UniCredit Capital Markets LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Kirkland & Ellis LLP
|
| Counsel to underwriters: | Mayer Brown LLP
|
| Coupon: | 4.7%
|
| Price: | 99.061
|
| Yield: | 4.819%
|
| Spread: | Treasuries plus 183 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps prior to Feb. 14, 2032; par call after that
|
| Change-of-control put: | At 101
|
| Trade date: | May 2
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| Settlement date: | May 4
|
| Ratings: | Moody’s: Baa1
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| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 963320AZ9
|
| Price talk: | Treasuries plus 195 bps to 200 bps area
|
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