Summary
This 8-K filing from Wal-Mart Stores, Inc. (WMT), dated January 19, 2005, reports on the company's agreement to issue and sell $1 billion in aggregate principal amount of 4.00% Notes Due 2010. The sale is being conducted through an underwriting syndicate led by Lehman Brothers Inc. and Morgan Stanley & Co. Incorporated, with the transaction expected to close on January 20, 2005. Investors should note that the net proceeds to the company from this debt issuance, after underwriting discounts but before other transaction expenses, are estimated to be approximately $991.6 million. These proceeds will be used for general corporate purposes, as is typical for such debt offerings. The issuance of these notes, referred to as the '2010 Series,' is governed by an indenture dated December 11, 2002, and the terms are further detailed in a prospectus supplement filed with the SEC.
Key Highlights
- 1Wal-Mart Inc. is issuing $1 billion in 4.00% Notes Due 2010.
- 2The sale is being conducted via an underwriting agreement with Lehman Brothers and Morgan Stanley acting as representatives.
- 3The transaction is scheduled to be consummated on January 20, 2005.
- 4The notes will be sold to the public at 99.509% of their principal amount.
- 5Net proceeds to Wal-Mart are expected to be approximately $991.6 million after underwriting discounts.
- 6The proceeds are intended for general corporate purposes.
- 7The issuance is governed by an Indenture dated December 11, 2002.