NEW BRITAIN, Conn.--(BUSINESS WIRE)--Nov. 25, 2013--
Stanley Black & Decker, Inc. (NYSE: SWK) (the “Company”) announced today
that it priced its offering of $400 million aggregate principal amount
of 5.75% Fixed-to-Floating Junior Subordinated Debentures due 2053 (the
“Debentures”). The offering is being made under the Company’s existing
shelf registration statement previously filed with the Securities and
Exchange Commission (the “SEC”) and is expected to close on December 3,
The Debentures will bear interest from the date they are issued to, but
excluding, December 15, 2018, at an annual rate of 5.75%, payable
semi-annually in arrears. From, and including, December 15, 2018, the
Debentures will bear interest at an annual rate equal to three-month
LIBOR plus 4.304%, payable quarterly in arrears. The Company will be
able to defer interest payments on the Debentures during one or more
deferral periods for up to five consecutive years per deferral period.
The Company intends to use the net proceeds from the offering for
general corporate purposes, including repayment of short term borrowings.
The Company is concurrently offering 3,000,000 Equity Units. The Equity
Units will initially consist of $300 million aggregate principal amount
of junior subordinated notes due 2018 and contracts obligating the
investors to purchase, for an aggregate of $300 million, shares of
common stock. The Company has granted to the underwriters an option to
purchase an additional 450,000 Equity Units to cover over-allotments.
The completion of the concurrent Equity Units offering is not subject to
the completion of the offering of the Debentures and the completion of
the offering of the Debentures is not subject to the completion of the
concurrent Equity Units offering.
Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Wells Fargo
Securities, LLC are acting as joint book-running managers of this
This press release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sales of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering of the Debentures
will be made only by means of a prospectus and a related prospectus
Copies of the final prospectus for the offerings may be obtained by
visiting EDGAR on the SEC’s website at http://www.sec.gov.
Alternatively, copies may be obtained by contacting Deutsche Bank
Securities Inc., Attention: Prospectus Department, Harborside Financial
Center, 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3988, by
email at email@example.com,
or by calling toll-free (800) 503-4611; Goldman, Sachs & Co., Attention:
Prospectus Department, 200 West Street, New York, New York 10282, by
email at prospectus‐firstname.lastname@example.org, or by calling (866) 471‐2526; or
Wells Fargo Securities, LLC, Attention: Capital Markets Client Support,
1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, by
email at email@example.com,
or by calling toll-free at (800) 326-5897.
About Stanley Black & Decker
Stanley Black & Decker, an S&P 500 company, is a diversified global
provider of hand tools, power tools and related accessories, mechanical
access and electronic security solutions, healthcare solutions,
engineered fastening systems, and more.
Statements in this press release that are not historical, including but
not limited to those regarding the Company’s: (i) securities offerings
and (ii) anticipated use of the net proceeds; are “forward looking
statements” and subject to risk and uncertainty. No assurance can be
given that the offering will be consummated on the terms described above
or at all. Consummation of the offering and the terms thereof are
subject to numerous conditions, many of which are beyond the control of
the Company, including: the prevailing conditions in the public and
private capital markets; interest rates; and economic, political and
market factors affecting trading volumes, securities prices or demand
for the Company’s stock.
“Safe Harbor” Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding Stanley Black &
Decker, Inc.’s business which are not historical facts are
“forward-looking statements” that involve risks and uncertainties. For a
discussion of such risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see “Risk Factors” in the Company’s Annual Report or Form
10-K for the most recently ended fiscal year.
Source: Stanley Black & Decker, Inc.
Stanley Black & Decker, Inc.
Greg Waybright, 860-827-3833
President, Investor & Government Relations