3M Company (MMM) is offering notes to the public and began two separate tender offers to purchase for cash up to $400 million aggregate principal amount of its 6.375% Debentures due 2028 and 5.70% notes due 2037.

The company plans to sell three series of notes at the offering, with the term, aggregate principal amount, interest rate and other terms of each series of the notes to be determined later dependent upon market conditions and other factors, it said in a statement on Thursday.

The company intends to use a portion of the net proceeds from the offering of the notes to fund the consideration payable in the tender offers. The company will use any excess net proceeds from the offering to fund its previously announced acquisition of Scott Safety and general corporate purposes. The tender offers are not dependent on the completion of the debt offering.

JP Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities Barclays Capital and Morgan Stanley are serving as the joint book-running managers for the offering for the notes.

The deadline for each of the two repurchase tender offers is 12:00 midnight, New York City time Oct.19, unless extended.

Holders of notes must validly tender their notes by 5:00 p.m., New York City time, on Oct. 4, to be eligible to receive the applicable total consideration, including a $50 early tender premium for each if the securities.

The company has $330 million of the 6.375% debentures due 2028 and $750 million of the 2037 notes outstanding.

The shares were 0.3% higher on Thursday morning.


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