BUZZ-Whirlpool slides after launching $800 mln stock, convertible offerings

Reuters
02/24
BUZZ-Whirlpool slides after launching $800 mln stock, convertible offerings

** Whirlpool WHR.N shares down 7.7% on thin premarket volume at $76.84 as home appliance maker seeks capital

** WHR on track to fall for eighth consecutive session, if losses hold

** Co late Mon launched public offerings of common stock and 3-yr mandatory convertible preferred stock for anticipated $800 mln raise

** It intends to use net proceeds of concurrent offerings to repay some of its revolving credit facility and for general purposes, including strategic investments in vertical integration and automation

** Wells Fargo, JP Morgan, and Citigroup lead bookrunners

** Benton Harbor, Michigan-based Whirlpool has ~56.5 mln shares outstanding for $4.7 bln market cap

** Through Mon close, shares up 15% YTD. Still, stock off ~26% from its intraday 52-week high of $111.96 hit in early Jul

** Avg rating of 10 analysts is "hold"; median PT $79.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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