Newell Brands Announces Offering of $500 Million 6.375% Notes due 2027 and $500 Million 6.625% Notes due 2029

Rhea-AI Summary

Newell Brands (NASDAQ: NWL) announced a public offering of $1 billion in notes, comprising 6.375% notes due in 2027 and 6.625% notes due in 2029. The offering is expected to close on September 14, 2022, subject to customary conditions. Proceeds will be used to redeem existing 3.850% senior notes maturing in 2023. The offering follows an automatic registration statement filed with the SEC.

J.P. Morgan, BofA Securities, and Citigroup are among the joint book-running managers for this offering.

Positive

• The offering of $1 billion indicates robust demand for Newell Brands' securities.
• The company aims to improve its debt profile by redeeming 3.850% senior notes maturing in 2023.

Negative

• The issuance of new debt may increase overall leverage and interest obligations.
• There is a risk associated with reliance on debt financing for corporate operations.

ATLANTA--(BUSINESS WIRE)-- Newell Brands (NASDAQ: NWL) today announced the public offering of $500 million aggregate principal amount of 6.375% notes due 2027 (the “2027 Notes”) and $500 million aggregate principal amount of 6.625% notes due 2029 (the “2029 Notes” and, together with the 2027 Notes, the “Notes”). The offering of the Notes is expected to close on September 14, 2022, subject to customary closing conditions.

Newell Brands intends to use the net proceeds from the offering, together with available cash, to redeem or repurchase its outstanding 3.850% senior notes due 2023 (the “2023 Notes”). Neither this press release nor anything contained herein shall constitute a notice of redemption of the 2023 Notes.

J.P. Morgan Securities LLC, BofA Securities, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Credit Suisse Securities (USA) LLC are serving as the joint book-running managers for the offering. PNC Capital Markets LLC, ING Financial Markets LLC, Siebert Williams Shank & Co., LLC and U.S. Bancorp Investments, Inc. are serving as the co-managers for the offering of the Notes.

The offering of the Notes is being made under an automatically effective shelf registration statement on Form S-3 (Registration No. 333-238122) filed by Newell Brands with the Securities and Exchange Commission (“SEC”) on May 8, 2020 and only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement has been filed, and an issuer free writing prospectus and a prospectus supplement relating to the offering of the Notes will be filed, with the SEC, to which this communication relates. Prospective investors should read the issuer free writing prospectus, preliminary prospectus supplement and the accompanying prospectus included in the registration statement and other documents Newell Brands has filed with the SEC for more complete information about Newell Brands and the offering. These documents are available at no charge by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, the prospectus and the prospectus supplement may be obtained by contacting J.P. Morgan Securities LLC at (866) 803-9204.

This communication is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The offering of these securities will be made only by means of the applicable prospectus supplement and the accompanying prospectus. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement, the prospectus contained therein or the applicable prospectus supplement.

About Newell Brands

Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, EXPO, Elmer’s, Yankee Candle, Graco, NUK, Rubbermaid Commercial Products, Spontex, Coleman, Campingaz, Contigo, Oster, Sunbeam and Mr. Coffee. Newell Brands' beloved, planet friendly brands enhance and brighten consumers lives at home and outside by creating moments of joy, building confidence and providing peace of mind.

Forward-Looking Statements

Some of the statements in this press release, particularly those relating to the offering of the Notes and the use of proceeds therefrom are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could differ materially from expectations expressed or implied in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company’s filings with the SEC, including but not limited to its Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, which are available on the Newell Brands website at www.ir.newellbrands.com in the Financial Information, SEC Filings section.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220909005525/en/

Investors:

Sofya Tsinis

VP, Investor Relations

+1 (201) 610-6901

sofya.tsinis@newellco.com

Media:

Beth Stellato

Chief Communications Officer

+1 (470) 580-1086

beth.stellato@newellco.com

 

Source: Newell Brands

FAQ

What notes is Newell Brands offering?

Newell Brands is offering $500 million in 6.375% notes due 2027 and $500 million in 6.625% notes due 2029.

When does the offering of Newell Brands' notes close?

The offering is expected to close on September 14, 2022.

What will Newell Brands do with the proceeds from the notes offering?

The proceeds will be used to redeem or repurchase outstanding 3.850% senior notes due 2023.

Who are the managers of the Newell Brands notes offering?

J.P. Morgan Securities, BofA Securities, and Citigroup are among the joint book-running managers.

What is the total amount being raised by Newell Brands?

Newell Brands is raising a total of $1 billion through this offering.