Whirlpool Corporation announced a proposed private offering of $1.5 billion in new Senior Secured Second Lien Notes. The company also launched a cash tender offer to purchase any and all of its outstanding euro-denominated senior notes due in 2026 and 2027. This initiative is aimed at refinancing existing debt.
Key Details
- New Note Offering: The company plans to issue $750 million of Senior Secured Second Lien Notes due 2031 and $750 million of Senior Secured Second Lien Notes due 2034.
- Cash Tender Offer: The offer targets two series of notes: the 1.250% Senior Notes due 2026 (€500 million outstanding) and the 1.100% Senior Notes due 2027 (€600 million outstanding).
- Use of Proceeds: Net proceeds from the new notes, along with other borrowings, will be used to fund the tender offer, repay amounts under an existing revolving credit facility, and pay related fees and expenses.