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Newell Brands prices, discloses early results of $1B tender offer

Newell Brands Inc. on Oct. 16 priced its previously announced tender offer to repurchase up to $1 billion of its outstanding debt.

As of the early tender deadline, $249.1 million of the outstanding $350 million principal of 2.875% notes due 2019 have been tendered, while $2.26 billion of the company's 3.150% notes due 2021, 3.850% notes due 2023 and 4.200% notes due 2026, altogether the waterfall offer, have been tendered and not withdrawn.

The New Jersey-based housewares and consumer products company paid $999.27 for each $1,000 principal amount of its 2019 notes, plus an early tender premium of $30. For the waterfall offer, Newell paid $988.10 for each $1,000 principal amount of the notes, plus an early tender premium of $30.

The offering is expected to settle Oct. 18, the company said.

Citigroup Global Markets Inc. is acting as the lead dealer manager, Barclays Capital Inc. and BofA Merrill Lynch are serving as co-dealer managers, and Global Bondholder Services Corp. is the information agent and tender agent.