Newell Brands Inc. (NASDAQ: NWL) (the “Company” or “Newell
Brands”) announced today that in light of the closing of executive
departments and agencies of the U.S. federal government, including
the Securities and Exchange Commission, on Monday, December 24,
2018, the Company has extended the expiration date of its
previously announced debt tender offers to midnight, New York City
time, at the end of January 4, 2019, unless further extended or
earlier terminated (the “Expiration Date”).
On December 4, 2018, the Company announced the commencement of
its tender offers to purchase for cash (i) any and all of the
Company’s outstanding securities listed in Table I below (the “Any
and All Notes”) (such offer, the “Any and All Offer”), and (ii) up
to the Maximum Waterfall Tender Amount (as defined below) in
aggregate principal amount of the Company’s outstanding securities
listed in Table II below (collectively, the “Waterfall Notes” and,
together with the Any and All Notes, the “Securities”), subject to
the Acceptance Priority Levels as defined below (such offer, the
“Waterfall Offer”). The “Maximum Waterfall Tender Amount” is an
aggregate principal amount equal to $1,625,000,000 less the
aggregate principal amount of the Any and All Notes validly
tendered and accepted for purchase in the Any and All Offer. The
tender offers are being made upon and are subject to the terms and
conditions set forth in the Offer to Purchase, dated December 4,
2018, and the related Letter of Transmittal (as they may each be
amended or supplemented from time to time, the “Tender Offer
Documents”).
On December 19, 2018, the Company announced the early results
and pricing terms of the tenders offers. The following tables set
forth certain information regarding the tender offers, including
such pricing terms and the aggregate principal amount of each
series of Securities that were validly tendered and not properly
withdrawn at or prior to 5:00 p.m., New York City time, on December
18, 2018 (the “Early Tender Deadline”). As of 5:00 p.m., New York
City time, on December 25, 2018, no additional Securities have been
tendered in the tender offers.
Table
I Securities Subject to the Any
And All Offer
Title of Security
Principal Amount
Outstanding
CUSIP/ISIN
Principal Amount
Tendered(1)
Principal Amount Accepted on
the Early Settlement Date(2)
Reference U.S. Treasury
Security
Reference Yield
Fixed Spread (basis
points)
Total Consideration(3)
3.150% Notes due 2021 $350,000,000 CUSIP: 651229 AU0
ISIN: US651229AU09
$252,081,000 $252,081,000 1.250% UST due 03/31/21 2.633% 30
$1,004.54 (1) As reported by Global Bondholder Services
Corporation, the tender and information agent for the tender
offers. (2) Accepted for purchase, and paid for, on the Early
Settlement Date. (3) The Total Consideration payable for each
$1,000 principal amount of Securities validly tendered at or prior
to the Early Tender Deadline and accepted for purchase by us
includes an early tender premium of $50. In addition, holders whose
Securities are accepted will also receive accrued interest on such
Securities.
Table
II
Securities
Subject to the Waterfall Offer
Title of Security
Principal Amount
Outstanding
CUSIP/ISIN
Acceptance Priority
Level
Principal Amount
Tendered(1)
Principal Amount Accepted on
the Early Settlement Date(2)
Reference U.S. Treasury
Security
Reference Yield
Fixed Spread (basis
points)
Total
Consideration(3)
5.500% Notes due 2046 $1,750,000,000 CUSIP: 651229 AY2
ISIN: US651229AY21
1 $1,083,841,000 $1,083,841,000 3.000% UST due 08/15/48 3.053% 265
$971.99 3.900% Notes due 2025 $300,000,000 CUSIP: 651229 AS5
ISIN: US651229AS52
2 $208,912,000 $208,912,000 3.125% UST due 11/15/28 2.819% 180
$958.16 5.375% Notes due 2036 $500,000,000 CUSIP: 651229 AX4
ISIN: US651229AX48
3 $349,037,000 $80,166,000 3.000% UST due 08/15/48 3.053% 240
$991.26 4.200% Notes due 2026 $2,000,000,000 CUSIP: 651229
AW6
ISIN: US651229AW64
4 $1,395,837,000 $0 3.125% UST due 11/15/28 N/A 240 N/A
3.850% Notes due 2023 $1,750,000,000 CUSIP: 651229 AV8
ISIN: US651229AV81
5 $1,159,155,000 $0 2.875% UST due 11/30/23 N/A 240 N/A (1)
As reported by Global Bondholder Services Corporation, the tender
and information agent for the tender offers. (2) Accepted for
purchase, and paid for, on the Early Settlement Date. (3) The Total
Consideration payable for each $1,000 principal amount of
Securities validly tendered at or prior to the Early Tender
Deadline and accepted for purchase by us includes an early tender
premium of $50. In addition, holders whose Securities are accepted
will also receive accrued interest on such Securities.
As listed in the tables above, on December 26, 2018 (the “Early
Settlement Date”), the Company accepted for purchase, and paid for,
$252,081,000 aggregate principal amount of its 3.150% Notes due
2021, $1,083,841,000 aggregate principal amount of its 5.500% Notes
due 2046, $208,912,000 aggregate principal amount of its 3.900%
Notes due 2025 and $80,166,000 aggregate principal amount of its
5.375% Notes due 2036 which had been validly tendered and not
properly withdrawn at or prior to the Early Tender Deadline.
Because the Waterfall Offer was fully subscribed as of the Early
Tender Deadline, the Company does not expect to accept for purchase
any Waterfall Notes tendered after the Early Tender Deadline.
Holders of Any and All Notes who validly tender such notes
following the Early Tender Deadline and at or prior to the
Expiration Date will only receive the applicable Tender Offer
Consideration for Securities accepted for purchase, which is equal
to the applicable Total Consideration minus an early tender premium
of $50. Securities not accepted for purchase will be promptly
returned or credited to the holder’s account. As a result of the
extension of the Expiration Date, the settlement date for
Securities tendered following the Early Tender Deadline and at or
prior to the Expiration Date and accepted for purchase is expected
to be January 8, 2019 (the “Final Settlement Date”).
The withdrawal deadline of 5:00 p.m., New York City time, on
December 18, 2018 has passed and, accordingly, Securities validly
tendered in the tender offers may no longer be withdrawn except
where additional withdrawal rights are required by law.
Goldman Sachs & Co. LLC is serving as the Lead Dealer
Manager, and RBC Capital Markets, LLC and Wells Fargo Securities,
LLC are serving as Co-Dealer Managers, in connection with the
tender offers. The information agent and tender agent is Global
Bondholder Services Corporation. The full details of the tender
offers, including complete instructions on how to tender
Securities, are included in the Tender Offer Documents. Holders are
strongly encouraged to read carefully the Tender Offer Documents,
including materials incorporated by reference therein, because they
contain important information. Copies of the Tender Offer Documents
and related offering materials are available by contacting the
information agent at (212) 430-3774 (banks and brokers) or (866)
807-2200 (all others). Questions regarding the tender offers should
be directed to Goldman Sachs & Co. LLC, Liability Management
Group, at (212) 357-0215 or (800) 828-3182 (toll free).
None of the Company or its affiliates, their respective boards
of directors, the dealer managers, the information agent and tender
agent or the trustee is making any recommendation as to whether
holders should tender any Securities in response to any of the
tender offers, and neither the Company nor any such other person
has authorized any person to make any such recommendation. Holders
must make their own decision as to whether to tender any of their
Securities, and, if so, the principal amount of Securities to
tender.
This press release shall not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any securities.
The tender offers are being made only pursuant to the Offer to
Purchase and only in such jurisdictions as is permitted under
applicable law.
About Newell Brands
Newell Brands (NASDAQ: NWL) is a leading global consumer goods
company with a strong portfolio of well-known brands, including
Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®,
Marmot®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Graco®, Baby
Jogger®, NUK®, Calphalon®, Rubbermaid®, Contigo®, First Alert®, and
Yankee Candle®. For hundreds of millions of consumers, Newell
Brands makes life better every day, where they live, learn, work
and play.
This press release and additional information about Newell
Brands are available on the company’s website,
www.newellbrands.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. These “forward-looking statements” are statements
other than statements of historical fact and may include, among
other things, statements in relation to the Company’s current
expectations and beliefs as to its ability to consummate the tender
offers, including the timing, size, pricing or other terms of the
tender offers, and other future events. All information set forth
in this release is as of the date hereof. The Company does not
intend, and undertakes no duty, to update this information to
reflect future events or circumstances. Actual results are subject
to a number of risks and uncertainties and may differ materially
from the current expectations and beliefs discussed in this press
release. Certain potential factors, risks and uncertainties that
could affect the Company’s business and financial results and cause
actual results to differ materially from those expressed or implied
in any forward-looking statements include the Company’s ability to
complete the tender offers and satisfy the conditions thereto, and
other potential factors, risks and uncertainties under the captions
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” in its Annual
Report on Form 10-K for the year ended December 31, 2017 and its
Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2018, which are on file with the Securities and
Exchange Commission (“SEC”) and available at the SEC’s website at
www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20181226005130/en/
Investors:Nancy O’DonnellSVP, Investor Relations and
Communications+1 (201) 610-6857nancy.odonnell@newellco.com
Media:Claire-Aude StaraciDirector, External
Communications+1 (201) 610-6717claireaude.staraci@newellco.com
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