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3M Co.'s Proposed $3 Billion Senior Unsecured Notes Rated 'AA-'

Published Aug 19, 2019

3 pages (1169 words) — Published Aug 19, 2019

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Abstract:

NEW YORK (S&P Global Ratings) Aug. 19, 2019--S&P Global Ratings today assigned its 'AA-' issue-level rating to 3M Co.'s proposed $3 billion (in aggregate) senior unsecured notes. Subject to investor demand, the notes may be upsized to $3.25 billion. The company will issue the debt in various tranches due in 2023, 2025, 2029, and 2049. 3M will use the proceeds to fund a portion of the previously announced acquisition of Acelity (expected to close in the fourth quarter of 2019). We revised the rating outlook on 3M to negative from stable after the announcement as we believe it will stretch credit measures over the next 1-2 years. For additional information on the ratings, see our most recent research update on

Brief Excerpt:

...NEW YORK (S&P Global Ratings) Aug. 19, 2019--S&P Global Ratings today assigned its '##-' issue-level rating to 3M Co.'s proposed $3 billion (in aggregate) senior unsecured notes. Subject to investor demand, the notes may be upsized to $3.25 billion. The company will issue the debt in various tranches due in 2023, 2025, 2029, and 2049. 3M will use the proceeds to fund a portion of the previously announced acquisition of Acelity (expected to close in the fourth quarter of 2019). We revised the rating outlook on 3M to negative from stable after the announcement as we believe it will stretch credit measures over the next 1-2 years. For additional information on the ratings, see our most recent research update on 3M, published May 2, 2019. RELATED CRITERIA + Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 + Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 + General Criteria: Methodology For...

Report Type:

Ratings Action

Ticker

MMM

Issuer

3M Co.

GICS

Industrial Conglomerates (20105010)

Sector

Global Issuers , Structured Finance

Country

United States

Region

United States

Format:

PDF

Research Update: 3M Co. Ratings Placed On CreditWatch Negative On End-Market Weakness And High Debt Leverage – 2020/01/31 – US$ 225.00

Research Update: 3M Downgraded To 'A+' On Continued End-Market Pressure, High Leverage; Outlook Negative – 2020/02/24 – US$ 225.00

3M Co.'s Proposed $1.5 Billion Senior Unsecured Notes Rated 'A+' – 2020/03/25 – US$ 150.00

3M Co. – 2020/08/13 – US$ 500.00

Bulletin: 3M Co. Reports Strong Organic Growth, But Supply Chain Costs Will Remain A Headwind – 2021/04/27 – Free

Research Update: 3M Co. Outlook Revised To Negative On $6.7 Billion Acquisition Of Acelity Inc.; 'AA-' Ratings Affirmed – 2019/05/02 – US$ 225.00

Bulletin: 3M Co.'s Weaker-Than-Expected Earnings To Pressure Credit Metrics In 2019 – 2019/04/29 – Free

3M Co.'s Proposed $2 Billion Medium-Term Notes Rated 'AA-' – 2019/02/12 – US$ 150.00

Bulletin: 3M Co.'s $1 Billion Acquisition Of M*Modal Only Modestly Increases Leverage – 2018/12/19 – Free

3M Co.'s Proposed $2.25 Billion Medium-Term Notes Rated 'AA-' – 2018/09/11 – US$ 150.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "3M Co.'s Proposed $3 Billion Senior Unsecured Notes Rated 'AA-'" Aug 19, 2019. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/3M-Co-s-Proposed-3-Billion-Senior-Unsecured-Notes-Rated-AA-2284979>

APA:	S&P Global Ratings’ Credit Research. (). 3M Co.'s Proposed $3 Billion Senior Unsecured Notes Rated 'AA-' Aug 19, 2019. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/3M-Co-s-Proposed-3-Billion-Senior-Unsecured-Notes-Rated-AA-2284979>

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