W.W. Grainger intends to price $400 million of notes at 120 bps area over Treasuries

By Lisa Kerner

Charlotte, N.C., May 9 – W.W. Grainger Inc. will price $400 million of senior notes, according to an informed source and a 424B5 filed with the Securities and Exchange Commission.

Price talk is at Treasuries plus 120 basis points, plus or minus 3 bps, and the notes will not exceed $400 million, the source said.

The bookrunners are Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc. and Wells Fargo Securities LLC.

Proceeds will be used to repay commercial paper bearing a weighted average interest rate of 0.49% and maturing in less than 10 days. The commercial paper was issued for general corporate purposes and to finance the repurchase of shares of our common stock.

The industrial supply company is based in Lake Forest, Ill.

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