Summary
This 8-K filing from Wal-Mart Stores, Inc. on December 20, 2006, announces the company's intention to issue and sell $1.5 billion in Floating Rate Notes due 2008. The issuance, conducted through a Pricing Agreement with Lehman Brothers Inc., is expected to close on December 21, 2006. The net proceeds to the company are estimated to be approximately $1,499,700,000 after accounting for sale expenses. These notes represent a new series of senior, unsecured, and unsubordinated debt, ranking equally with other similar debt obligations of Wal-Mart. The issuance is part of a broader shelf registration on Form S-3, allowing for the continuous offering of debt securities. Investors should note that this is a debt issuance, and the terms are detailed in accompanying prospectus supplements and agreements filed as exhibits to this report.
Key Highlights
- 1Wal-Mart Inc. is issuing $1.5 billion in Floating Rate Notes due 2008.
- 2The transaction is structured as a sale to Lehman Brothers Inc. as the underwriter.
- 3The expected closing date for the sale is December 21, 2006.
- 4Net proceeds are estimated to be approximately $1,499,700,000.
- 5The Notes are senior, unsecured, and unsubordinated debt securities.
- 6This issuance falls under Wal-Mart's existing Form S-3 shelf registration statement for debt securities.
- 7The details of the Notes are further outlined in a Prospectus Supplement filed on December 18, 2006.