Whirlpool Sells $500 Million of Bonds, First 30-Year Since 1986Charles Mead
Whirlpool Corp., the world’s largest appliance maker, raised $500 million in a bond offering that included its first 30-year debt in almost three decades.
The company issued equal $250 million portions of 3.7 percent, 10-year debt that yields 175 basis points more than similar-maturity Treasuries and 5.15 percent securities due in 2043 that pay 200 more than benchmarks, according to data compiled by Bloomberg.
Proceeds will help repay Whirlpool’s $500 million of 5.5 percent bonds maturing March 1, the Benton Harbor, Michigan-based company said today in a regulatory filing.
Whirlpool last sold 30-year debt in 1986, when it issued $125 million of 9.125 percent securities that were called in 1993, according to data compiled by Bloomberg.
The new securities are expected to be rated Baa3 by Moody’s Investors Service.