Whirlpool Announces Strategic Recapitalization to Accelerate Deleveraging and Strategic Growth

Core Viewpoint - Whirlpool Corporation is launching public offerings of common stock and depositary shares to raise approximately $800 million, aimed at deleveraging and strategic growth initiatives [1] Group 1: Offerings Details - The offerings include shares of common stock and depositary shares representing a 1/20th interest in newly issued Series A Mandatory Convertible Preferred Stock [1] - The net proceeds will be used to repay part of the outstanding amounts under the revolving credit facility and for general corporate purposes, including investments in vertical integration and automation [1] - The Preferred Stock will have a liquidation preference of $1,000 per share and is expected to convert into common stock by February 15, 2029 [1] Group 2: Financial Management - Whirlpool intends to grant underwriters a 30-day option to purchase additional shares to cover over-allotments [1] - The company reported approximately $16 billion in annual net sales for 2025, with nearly 90% of sales generated in the Americas [1] - Whirlpool has 41,000 employees and operates 35 manufacturing and technology research centers [1] Group 3: Market and Regulatory Information - There is currently no public market for the depositary shares or the preferred stock, but Whirlpool plans to list the depositary shares on The New York Stock Exchange under the symbol "WHR.PRA" [1] - The registration statement for these securities has been filed with the SEC and has become effective [1]