NEW BRITAIN, Conn., Sept. 29 /PRNewswire-FirstCall/ -- The Stanley
Works (NYSE: SWK) (the "Company") today announced that it closed its
offering of $250 million aggregate principal amount of senior notes due
2013.
The notes bear interest at a rate of 6.15% per annum. The price to
investors was 99.804% of the principal amount of the notes for an effective
yield of 6.196%. The Company will receive gross proceeds of $250 million
from the sale of the notes, before deducting the underwriters' discounts
and commissions and estimated offering expenses. Stanley intends to use the
net proceeds from the offering to reduce borrowings under its existing
commercial paper program and/or other short-term obligations and for other
general corporate purposes.
Banc of America Securities LLC and Citigroup Global Markets Inc. acted
as joint book-running managers for this offering.
This press release is neither an offer to sell nor a solicitation of an
offer to buy any of the securities referred to above. An offering of any
such securities will be made only be means of a prospectus. Any such
prospectus shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of any such securities in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such state or jurisdiction.
The Stanley Works is a diversified worldwide supplier of tools and
engineered solutions for professional, industrial, construction and
do-it-yourself use, and security solutions for commercial applications.
This press release contains statements that constitute "forward-looking
statements," including those regarding Stanley's anticipated use of the net
proceeds. These statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Because such
statements inherently involve risks and uncertainties, actual future
results may differ materially from those expressed or implied by such
forward-looking statements.
SOURCE The Stanley Works
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http://www.prnewswire.com/comp/874363.html
CONTACT:
Greg Waybright, Interim VP, Investor
Relations for The Stanley Works, +1-860-827-3544,
gwaybright@stanleyworks.com
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