Whirlpool to Raise $800M via Convertible Preferred and Common Stock Offerings
Whirlpool launched underwritten public offerings of common stock and depositary shares representing mandatory convertible preferred stock to raise $800 million, plus a 30-day over-allotment option. Net proceeds will repay a portion of its revolving credit facility and fund vertical integration and automation investments.
1. Offering Structure
Whirlpool launched concurrent underwritten offerings of common stock and depositary shares representing interests in Series A mandatory convertible preferred stock, aiming to raise $800 million, with underwriters granted a 30-day option to cover over-allotments.
2. Use of Proceeds
Net proceeds will reduce outstanding balances under the company’s revolving credit facility and support general corporate purposes, notably strategic investments in vertical integration and automation to enhance long-term growth and operational efficiency.
3. Preferred Stock Terms
The Series A preferred stock carries a $1,000 liquidation preference, dividend and voting rights proportional to each depositary share, and automatic conversion into common stock on February 15, 2029, based on a variable conversion rate determined at pricing.