NEW BRITAIN, Conn., Nov. 22 /PRNewswire-FirstCall/ -- The Stanley Works
(NYSE: SWK) announced today that it has completed the sale of $450 million of
Enhanced Trust Preferred Securities. Net proceeds are expected to be used
toward the pending acquisitions of Facom Tools and National Hardware.
These securities and underlying junior subordinated debt securities
(collectively, the "securities") feature a 40-year term and an initial coupon
rate of 5.902%, which is fixed for 5 years, and can be redeemed after five
years.
The securities have not been and may not be registered under the
Securities Act of 1933, as amended (the "Act") and may not be offered or sold
in the United States absent registration or applicable exemption from such
registration. The securities are being offered in the United States only to
qualified institutional buyers pursuant to Rule 144A under the Act and outside
the United States pursuant to Regulation S under the Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities.
SOURCE The Stanley Works
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Related links:
http://www.StanleyWorks.com
Company News On-Call:
http://www.prnewswire.com/comp/874363.html
CONTACT:
Gerry Gould, V. P. - Investor Relations of
The Stanley Works, +1-860-827-3833, ggould@stanleyworks.com
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