Newell Brands Inc. has announced the issuance of $1.25 billion in senior unsecured notes with a 8.500% interest rate due in 2028. The company plans to use the net proceeds from this offering, along with available cash, to fully redeem its outstanding 4.200% senior notes due in 2026 and cover related fees and expenses. The notes were issued under an indenture agreement with U.S. Bank Trust Company, National Association. This agreement includes covenants restricting Newell's ability to incur additional debt, create liens, and engage in certain transactions unless specific conditions are met. If a change of control occurs along with a ratings downgrade, Newell will be obligated to repurchase the notes at 101% of their principal amount plus accrued interest. The offering is exempt from registration under the Securities Act of 1933.
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