Whirlpool secures €365m (73%) of 2026 notes and €546.7m (91%) of 2027 notes, launching $2B bond sale
WHR•Whirlpool’s early tender offer results show €365.313m (73.06%) of its €500m 2026 Notes and €546.715m (91.12%) of its €600m 2027 Notes validly tendered by June 12, with settlement on June 18 including an Early Tender Premium. It plans a $2.0B secured note offering on June 16 to fund tender payments.
1. Early Tender Results
At 11:00 a.m. New York time on June 12, Whirlpool’s tender offer saw holders validly tender €365.313m of 1.250% Notes due 2026 (73.06% of outstanding) and €546.715m of 1.100% Notes due 2027 (91.12% of outstanding). The withdrawal deadline has passed, and accepted Notes will settle on June 18, with holders receiving the Total Consideration including the Early Tender Premium and accrued interest.
2. $2B Secured Note Offering
On or about June 16, Whirlpool will issue $2.0 billion of senior secured second lien notes, split into $1.0 billion of 7.500% notes due 2031 and $1.0 billion of 7.875% notes due 2034. Net proceeds will be used to pay for all tendered Notes, accrued interest, and related fees and expenses.
3. Consent Solicitation and Proposed Amendment
By obtaining requisite consents from holders of the 2027 Notes, Whirlpool will enter into a supplemental indenture to implement the Proposed Amendment once all valid tenders are purchased. The tender offer and consent solicitation remain open until June 30 at 11:00 a.m. New York time, with final settlement anticipated on July 6.
