WASHINGTON (dpa-AFX) - Whirlpool Corporation (WHR) on Wednesday priced public offerings of 6.88 million common shares at $69 per share and 10.5 million depositary shares, each representing a 1/20th interest in its newly issued 8.50% Series A Mandatory Convertible Preferred Stock, at $50 per depositary share.
The offerings are expected to close on February 27, 2026.
The company has granted underwriters a 30-day option to purchase up to an additional 1.01 million common shares and 1 million depositary shares to cover over-allotments.
Net proceeds are expected to be approximately $454.9 million from the common stock offering and about $508.1 million from the depositary shares offering. Whirlpool plans to use the proceeds to repay debt and for general corporate purposes.
The preferred stock carries an 8.50% annual dividend on a $1,000 per share liquidation preference, payable quarterly beginning May 15, 2026, through February 15, 2029, when the shares will automatically convert into between 12.334 and 14.492 common shares per preferred share, subject to adjustments. Each depositary share will convert into between 0.6167 and 0.7246 common shares. Whirlpool has applied to list the depositary shares on the New York Stock Exchange under the symbol 'WHR.PRA.'
Wells Fargo Securities LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are acting as lead joint bookrunning managers for the offerings.
Additionally, on February 24, 2026, Whirlpool Corporation entered into a stock purchase agreement with Guangdong Whirlpool Electrical Appliances Co., Ltd., a subsidiary of Whirlpool (China) Co., Ltd., to sell 434,782 common shares at $69 per share for aggregate proceeds of $30 million in a private placement.
The private placement is subject to Whirlpool China shareholder approval, with an initial closing set for July 31, 2026.
On Tuesday, Whirlpool shares closed at $71.67, down 13.87%.
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