Walmart’s $4 Billion Notes Offering

Simpson Thacher represented Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., NatWest Markets Securities Inc. and the other underwriters in connection with a $4 billion offering of debt securities by Walmart Inc. (“Walmart”).

Walmart offered and sold $1.5 billion aggregate principal amount of its 2.85% Notes due 2024, $1.25 billion aggregate principal amount of its 3.05% Notes due 2026 and $1.25 billion aggregate principal amount of its 3.25% Notes due 2029. Walmart intends to use the net proceeds from the sale of the notes for general corporate purposes, which may include repayment, refinancing or replacement of maturing debt, among other uses.

Walmart is the world’s largest retailer and had total revenue of $514.4 billion and total net sales of $510.3 billion in its fiscal year ended January 31, 2019. Walmart serves over 275 million customers annually who visit its 11,300 stores and numerous eCommerce websites under 58 banners in 27 countries.

The Simpson Thacher team included William Brentani (Picture), Jay Higdon and David Wuchenich (Capital Markets); Jonathan Cantor (Tax); and Andrew Pagliughi (FINRA and Blue Sky).

Involved fees earner: William Brentani – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jay Higdon – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett; David Wuchenich – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: BNP Paribas Securities; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co.; Mizuho Securities; Morgan Stanley; NatWest Markets;

Author: Ambrogio Visconti