NEW YORK (Standard&Poor's) Nov. 1, 2010--Standard&Poor's Ratings Services today assigned its 'BBB+' rating to Stanley Black&Decker Inc.'s proposed convertible preferred units. Stanley expects the units will initially consist of $550 million aggregate principal amount of junior subordinated notes due 2018 and contracts to purchase, for an aggregate of $550 million, shares of convertible preferred stock. Stanley intends to use the net proceeds from this offering as follows: $312.7 million to redeem the currently outstanding 5.902% fixed-rate/floating-rate junior subordinated debt securities due 2045; $150 million to improve the funded status of pension obligations through a contribution to a U.S. pension plan; and The balance to reduce outstanding short-term borrowings and for other general corporate purposes.
