Last $38.41 USD
Change Today +0.37 / 0.97%
Volume 670.3K
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As of 8:04 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

newell rubbermaid inc (NWL) Key Developments

Newell Rubbermaid Inc. Announces Increase in Maximum Tender Amount and Early Tender Results of Tender Offer for 4.70% Notes Due 2020

Newell Rubbermaid Inc. announced that it has amended the terms of its previously announced tender offer to purchase for cash its outstanding 4.70% Notes due 2020 to increase the aggregate principal amount of Notes that may be purchased to $168,686,000 from $100,000,000 (as so amended, the Maximum Tender Amount). All other terms of the tender offer, as previously announced, remain unchanged. Newell Rubbermaid also announced the early tender results of the tender offer. The tender offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase, dated November 14, 2014 (the Offer to Purchase) and the related Letter of Transmittal. All Notes validly tendered at or prior to the Early Tender Date have been accepted for purchase. Newell Rubbermaid expects to make payment for the Notes it has accepted for purchase on December 8, 2014 (the Early Settlement Date). Holders of Notes that were validly tendered at or prior to the Early Tender Date and accepted for purchase will receive the Total Consideration, which includes an early tender premium of $30.00 per $1,000 principal amount of the Notes (the Early Tender Premium), plus accrued and unpaid interest up to, but not including, the Early Settlement Date. The Total Consideration for each $1,000 principal amount of Notes validly tendered at or prior to the Early Tender Date and accepted for purchase will be determined in the manner described in the Offer to Purchase, calculated as of 2:00 p.m., New York City time, on December 5, 2014.

Newell Rubbermaid Inc. Announces Executive Appointments

Newell Rubbermaid Inc. announced Joseph Arcuri will join Newell Rubbermaid as President, Home Solutions business segment, effective December 1, 2014. Arcuri joins Newell Rubbermaid after more than 25 years of global product development, marketing, and general management leadership experience at Procter & Gamble on leading brands such as Vicks(R), Olay(R), Gillette(R), Old Spice(R), Secret(R) and Ivory(R). Arcuri's most recent job was Vice President and General Manager of P&G's North American Beauty business. Jeff Hohler, a company veteran of 13 years, has been appointed President of the company's Tools business segment. In his current role in Home Solutions, Hohler has successfully integrated four global business units into the current Home Solutions business segment and has taken a series of tough choices within the business to reposition the Rubbermaid brand for future growth. Hohler will lead the Tools business segment from the company's professional business hub in Huntersville, North Carolina. Hohler and Arcuri will report to Newell Rubbermaid Chief Operating Officer Bill Burke as members of his executive leadership team.

Newell Rubbermaid Inc. Reaffirms Earnings Outlook for the Year 2014 and 2015

Newell Rubbermaid Inc. reaffirmed outlook for fiscal year 2014 and 2015. For the year 2014, the company expects core sales growth range of 3% to 4%. Net sales growth is expected to be 1.2% to 2.2%. Normalized operating margin improvement is expected to be up to 40 basis points. Normalized EPS is expected to be $1.94 to $2.00. Operating cash flow is expected to be between $600 and $650 million. Diluted earnings per share is expected to be $1.33 to $1.39. For the year 2015, the company expects core sales growth range of 3.5% to 4.0%. Net sales growth is expected to be 3.5% to 4.0%. Normalized EPS is expected to be $2.16 to $2.22. Operating cash flow is expected to be between $600 and $650 million. Diluted earnings per share is expected to be $1.86 to $1.92.

Newell Rubbermaid Inc. Announces Tender Offer for Up to $100 Million of its 4.70% Notes Due 2020

Newell Rubbermaid Inc. announced a tender offer to purchase for cash up to $100 million in aggregate principal amount of its outstanding 4.70% Notes due 2020. The tender offer is being made upon, and is subject to, the terms and conditions in the Offer to Purchase, dated November 14, 2014 and the related Letter of Transmittal. The settlement date for Notes validly tendered on or before the Early Tender Date will occur promptly following the Early Tender Date and is expected to be on or about December 8, 2014. The settlement date, if necessary, for Notes validly tendered after the Early Tender Date and on or before the Expiration Date will occur promptly following the Expiration Date and is expected to be December 19, 2014, assuming that the Expiration Date is not extended. Newell Rubbermaid will pay accrued and unpaid interest from and including the last interest payment date applicable to the Notes up to, but not including, the applicable settlement date for Notes accepted for purchase. Goldman, Sachs & Co. and Barclays Capital Inc. are acting as dealer managers for the tender offer. The information agent and tender agent is Global Bondholder Services Corporation.

Newell Rubbermaid Inc. Approves Amendment to By-Laws

Newell Rubbermaid Inc. announced that on November 11, 2014, the Board of Directors of the company approved an amendment to Article III, Section 3.2 of the company's By-Laws, effective November 11, 2014, to provide that the number of directors of the company shall be not less than ten and not more than thirteen. The By-Laws previously provided that the number of directors of the company shall be not less than ten and not more than twelve.

 

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