Whirlpool to sell notes in two parts, including add-on to 4.7% notes

By Devika Patel

Knoxville, Tenn., Feb. 20 – Whirlpool Corp. will conduct a two-part offering of fixed-rate senior notes, including an add-on to its 4.7% notes (Baa3/BBB-/BBB) due June 1, 2022, according to a 424B3 filing with the Securities and Exchange Commission.

The company issued $300 million of the 4.7% notes at 99.85 to yield 4.719%, or Treasuries plus 300 basis points, on June 1, 2012 in a sale that priced on May 29, 2012.

The 4.7% notes have a make-whole call at Treasuries plus 45 bps and a change-of-control put at 101. The new notes have a make-whole call and then a par call.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., ING and MUFG are the bookrunners.

Proceeds will be used to repay all outstanding borrowings under the company’s €600 million term loan, and if any remain, for general corporate purposes.

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

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