Summary
Wal-Mart Stores, Inc. filed an 8-K report on October 7, 2003, detailing the consummation of a $1 billion debt offering. Specifically, the company sold $1,000,000,000 aggregate principal amount of 3.375% Notes due 2008. The notes were issued at a slight discount, with net proceeds amounting to $992,720,000. This offering was conducted under an existing prospectus and pricing agreement, with J.P. Morgan Securities Inc. and Credit Suisse First Boston LLC acting as underwriters. The primary purpose of this filing is to officially include the legal opinion from Hughes & Luce, L.L.P. regarding the validity of these newly issued notes. This follows up on previous filings that provided details on the terms and creation of this debt series. Investors can view this as a standard disclosure related to the company's ongoing financing activities and capital management.
Key Highlights
- 1Wal-Mart Stores, Inc. successfully closed a $1 billion debt offering on October 2, 2003.
- 2The debt consists of 3.375% Notes due in 2008.
- 3The net proceeds from the note sale were approximately $992.7 million.
- 4The notes were issued at 99.622% of their principal amount.
- 5J.P. Morgan Securities Inc. and Credit Suisse First Boston LLC acted as lead underwriters.
- 6This 8-K filing primarily serves to include the legal opinion on the notes' validity.
- 7The offering is part of Wal-Mart's ongoing capital management strategy.