The Valspar Corporation has announced that it has priced its planned underwritten public offering of $500 million aggregate principal amount of senior notes. The senior unsecured notes include:
$250 million of 3.300% notes due 2025 $250 million of 4.400% notes due 2045 The company intends to use the net proceeds from this offering for general corporate purposes including, but not limited to, the repayment of a portion of its commercial paper borrowings and the repayment at maturity of $150 million principal amount of 5.1% Senior Notes due August 2015.
Wells Fargo Securities, Bank of America Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. The offering is being made pursuant to Valspar's shelf registration statement filed with the U.S. Securities and Exchange Commission (the SEC) and only by means of a prospectus supplement and accompanying prospectus.
This press release is not an offer to sell or a solicitation of an offer to buy any of the senior unsecured notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
