Newell Brands announced the successful upsizing and pricing of $1.25 billion aggregate principal amount of 8.50% senior unsecured notes due 2028. This offering was exempt from the registration requirements of the Securities Act of 1933.
The offering was notably 4x oversubscribed, signaling strong investor confidence in Newell Brands' financial strategy and its ongoing business transformation. The offering is expected to close on May 22, 2025, subject to customary closing conditions.
Newell Brands intends to use the net proceeds from the sale of these notes, along with cash on hand, to redeem in full its outstanding 4.200% senior notes due 2026. This refinancing move aims to extend the maturity profile of the company's debt, enhancing its financial flexibility.
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