8-KOther EventsExhibits & Filings

Walmart Inc. 8-K Report, Corporate Update (Jul 24, 2009)

Filed July 24, 2009For Securities:WMT

Summary

This 8-K filing from Wal-Mart Stores, Inc. (Walmart) on July 24, 2009, announces the company's agreement to issue and sell $500 million in aggregate principal amount of 6.200% Notes due 2038. The offering is being conducted through a pricing agreement with several underwriters, including Banc of America Securities LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., and UBS Securities LLC. These new notes will be fungible with and added to the company's existing 6.200% Notes Due 2038, bringing the total outstanding principal amount of this series to $2 billion. The net proceeds expected from this issuance, after underwriting discounts but before transaction expenses, are approximately $525.6 million, plus pre-issuance accrued interest. These notes represent senior unsecured debt obligations of Walmart.

Key Highlights

  • 1Walmart is issuing an additional $500 million of its 6.200% Notes Due 2038.
  • 2The offering is expected to close on July 27, 2009.
  • 3The net proceeds to Walmart are estimated to be approximately $525.6 million before transaction expenses.
  • 4These new notes will be fungible with and increase the total outstanding principal of the 2038 Series to $2 billion.
  • 5The Notes are senior unsecured debt obligations of the company.
  • 6The issuance is being conducted under Walmart's existing Form S-3 registration statement.
  • 7The filing includes key agreements such as the Pricing Agreement and Underwriting Agreement as exhibits.

Frequently Asked Questions

This 8-K filing formally announces Walmart's agreement to sell $500 million of its 6.200% Notes Due 2038 to a group of underwriters and provides details regarding the transaction, including expected closing date and net proceeds.

The new notes will bear a 6.200% interest rate and mature in 2038. They are senior unsecured debt obligations of Walmart. Their terms, other than issue date and offering price, are identical to the existing 6.200% Notes Due 2038, allowing them to trade interchangeably.

Walmart expects to receive approximately $525.6 million in net proceeds from the sale of these notes, after accounting for the underwriting discount but before deducting other transaction expenses. Additionally, the company will receive pre-issuance accrued interest.

After the sale and purchase of these new notes, the aggregate principal amount of the 6.200% Notes Due 2038 outstanding will increase from $1.5 billion to $2 billion.