Newell Rubbermaid Announces $500M Note Offering

Newell Rubbermaid

today announced that it intends to offer, subject to market and other conditions, $500 million of notes, consisting of $250 million of notes due 2015 and $250 million of notes due 2022. The notes will be senior obligations of the company and will rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The company intends to use the net proceeds to redeem all its outstanding 5¼% Convertible Quarterly Income Preferred Securities, having an aggregate liquidation preference of $421.2 million, to reduce borrowings under its commercial paper program, to reduce amounts outstanding under its receivables financing facility and for general corporate purposes. The offering is being made under the company's shelf registration statement.