WHR · Whirlpool Corporation

Summary

Whirlpool Corporation completed upsized public offerings of 6,884,057 shares of common stock at $69.00 per share and 10,500,000 depositary shares at $50.00 per share, each representing 1/20th interest in 8.50% Series A Mandatory Convertible Preferred Stock with $1,000 liquidation preference. The offerings closed on February 27, 2026, providing approximately $963 million in net proceeds for debt repayment and general corporate purposes including strategic investments.

Key takeaways

• Common Stock Offering: 6,884,057 shares priced at $69.00/share; underwriters exercised full 30-day option for additional 1,014,493 shares
• Depositary Shares Offering: 10,500,000 shares priced at $50.00/share; each represents 1/20th interest in Preferred Stock; underwriters exercised full 30-day option for additional 1,000,000 shares
• Preferred Stock terms: 8.50% dividend rate on $1,000 liquidation preference; quarterly dividends payable Feb 15, May 15, Aug 15, Nov 15 starting May 15, 2026; mandatory conversion Feb 15, 2029 into 12.3340-14.4920 Common shares per Preferred share (subject to anti-dilution)
• Underwriting Agreements dated Feb 24, 2026 with Wells Fargo Securities, J.P. Morgan, Citigroup as representatives
• Certificate of Designations filed Feb 27, 2026 with Delaware Secretary of State; Deposit Agreement dated Feb 27, 2026 with Computershare
• Net proceeds ~$963M to repay revolving credit facility and fund vertical integration/automation investments