Loan & DebtJun 1, 2026, 09:23 AM
Whirlpool to Offer $1.5B Secured Notes; Tender for Existing Debt
AI Summary
Whirlpool Corporation announced a proposed private placement of $1.5 billion in Senior Secured Second Lien Notes, comprising $750 million due 2031 and $750 million due 2034. Concurrently, the company commenced a cash tender offer to purchase any and all outstanding €500 million 1.250% Senior Notes due 2026 and €600 million 1.100% Senior Notes due 2027 of its subsidiary. The proceeds from the new notes and a new ABL Credit Facility will be used to fund the tender offer, satisfy remaining existing notes, and repay an existing unsecured revolving credit facility.
Key Highlights
- Proposed private offering of $750 million Senior Secured Second Lien Notes due 2031.
- Proposed private offering of $750 million Senior Secured Second Lien Notes due 2034.
- Commenced cash tender offer for €500 million 1.250% Senior Notes due 2026.
- Commenced cash tender offer for €600 million 1.100% Senior Notes due 2027.
- New notes and ABL facility proceeds to fund tender offer and repay existing debt.
- Tender offer includes consent solicitation for 2027 notes to accelerate discharge.
- Early Tender Expiration for existing notes is June 12, 2026.