Mayer Brown represents Whirlpool in $2 billion senior secured ABL credit facility

Mayer Brown represented Whirlpool Corporation, the leading US-based home appliance manufacturer, and several of its US and Canadian subsidiaries in connection with a $2.0 billion senior secured first-lien asset based credit facility and with the collateral aspects of a Rule 144A/Regulation S offering of $1.0 billion aggregate principal amount of 7.500% senior secured second lien notes due 2031, and $1.0 billion aggregate principal amount of 7.875% senior secured second lien notes due 2034. These were the company’s first secured credit facilities and bonds.

Whirlpool plans to use proceeds from the new notes and borrowings under the ABL facility to fund tender offers for its 1.250% notes due 2026 and 1.100% notes due 2027, repay its existing unsecured revolver, and cover related fees and expenses. Early tender participation reached 73.06% of the €500 million 2026 notes and 91.12% of the €600 million 2027 notes.

The team was led by Banking & Finance partners Adam Wolk and Kyle Spies and associates Merry Li, Hana Muwaqet and Suzanne Chami, in the firm’s Chicago, Houston, and New York offices. 

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