Stanley Black & Decker to sell $400M in junior debt, $300M in convertible

|About: Stanley Black & Decker, Inc. (SWK)|By:, SA News Editor

Stanley Black & Decker (SWK) will offer $400M in fixed-to-floating junior subordinated debt due 2053.

The company will also sell 3M equity units, initially consisting of $300M in junior subordinated notes due 2018 containing contracts to purchase total common stock of $300M. Exchange is expected in Nov. 2016 and is subject to early settlement in certain circumstances.

SWK will use proceeds for general corporate purposes, including repayment of short-term borrowings.