Bulletin: Whirlpool Corp. Ratings Unchanged On Equity And Mandatory Convertible Preferred Stock Issuance

This report does not constitute a rating action. TORONTO (S&P Global Ratings) March 3, 2026--S&P Global Ratings today said that its ratings and outlook on Whirlpool Corp. (BB/Negative/B) are unchanged following the company's announced capital raise. We estimate that Whirlpool raised net proceeds of $522.1 million and $556.6 million, respectively, from its fully underwritten public offerings of common equity and mandatory convertible preferred securities (MCPS). We include the total gross MCPS issuance proceeds in our calculation of Whirlpool's debt because the mandatory conversion date is more than two years away. However, assuming there are no changes to the final terms and no deterioration in our rating on the company to the 'B' category, we expect to treat the instrument as

...March 3, 2026 This report does not constitute a rating action. TORONTO (S&P Global Ratings) March 3, 2026--S&P Global Ratings today said that its ratings and outlook on Whirlpool Corp. (##/Negative/B) are unchanged following the company's announced capital raise. We estimate that Whirlpool raised net proceeds of $522.1 million and $556.6 million, respectively, from its fully underwritten public offerings of common equity and mandatory convertible preferred securities (MCPS). We include the total gross MCPS issuance proceeds in our calculation of Whirlpool's debt because the mandatory conversion date is more than two years away. However, assuming there are no changes to the final terms and no deterioration in our rating on the company to the 'B' category, we expect to treat the instrument as equity once the mandatory conversion date is within two years. We believe Whirlpool will remain committed to allowing conversion and do not expect it to undermine the conversion benefit through open...

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