U.S.-based Whirlpool Corp. has launched $1.5 billion senior secured notes. The proceeds, alongside a draw under an expected $2 billion asset-based lending (ABL) facility, will repay its €500 million notes due 2026, €600 million notes due 2027, and borrowings under its existing unsecured revolving credit facility. We affirmed our 'BB-' long-term and 'B' short-term issuer credit ratings. We also assigned our 'BB+' rating to the proposed senior secured notes. The recovery rating is 1, indicating a very high (90%-100%, rounded estimate: 95%) likelihood of recovery in the event of default. Additionally, we affirmed our 'BB-' rating on the existing senior unsecured notes. We revised down our recovery rating to '4' from '3' due to the addition of significant priority debt
