...CHICAGO (S&P Global Ratings) Feb. 20, 2019--S&P Global Ratings today assigned its '###' issue-level rating to Benton Harbor, Mich.-based Whirlpool Corp.'s proposed senior unsecured notes. Separately, our '###' issue-level rating on the 4.7% senior unsecured notes due in 2022 is unchanged, following the company's announcement of an add-on. The new notes and the add-on to the 4.7% notes are subordinated to all liabilities of Whirlpool's subsidiaries and secured indebtedness, but equal in right of payment to Whirlpool's other existing and future senior unsecured debt and senior in right of payment to all of the company's existing and future subordinated debt. The company has minimal subsidiary debt and no meaningful secured debt. Whirlpool intends to use the net proceeds of this offering to repay 600 million of outstanding borrowings on its term loan dated June 5, 2018, and for general corporate purposes. As of Dec. 31, 2018, the company had roughly $6 billion funded debt outstanding. The...
