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Investing.com -- Whirlpool Corp (NYSE:WHR). is planning to raise $1.2 billion through a bond sale to refinance its debt. This move comes as the company’s first bond sale since its credit rating was downgraded to junk status.
The company intends to sell dollar-denominated senior unsecured notes in two parts, with maturities set for 2030 and 2033, as per Bloomberg, citing a source familiar with the situation. The exact size of each segment of the debt sale is yet to be decided, stated the source who wished to remain anonymous due to the private nature of the transaction.
The US junk-bond market recently experienced its busiest week since May 2024, with 13 borrowers issuing deals worth a little over $13 billion. This trend of strong demand for higher-yielding debt is anticipated to encourage more issuances in the upcoming weeks.
Whirlpool, a global manufacturer of major home appliances, aims to use the proceeds from this bond sale to pay off debt under its current term-loan facility.
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