Kirkland Represents Whirlpool on $1.2 Billion Strategic Recapitalization

Kirkland & Ellis advised Whirlpool Corporation on its underwritten concurrent public offerings, as well as a concurrent cross-border PIPE investment. In the concurrent public offerings, Whirlpool issued (i) 7,898,550 shares of common stock at a public offering price of $69.00 per share and (ii) $575 million of depositary shares, each representing a 1/20th interest in a share of newly issued 8.50% Series A Mandatory Convertible Preferred Stock at a public offering price of $50.00 per depositary share. Whirlpool also negotiated a private placement with a strategic Chinese investor, pursuant to which Whirlpool will issue 434,782 shares of common stock at a price of $69.00 per share. The public offerings were upsized from the original announcement, and the underwriters have already exercised their greenshoe option in both public offerings. Whirlpool intends to use the net proceeds from the offerings to repay a portion of the amounts outstanding under its revolving credit facility and for general corporate purposes, including strategic investments in vertical integration and automation.

The Kirkland team included capital markets lawyers Bob Hayward, Michael Keeley, Ben Richards, Parker Davis, Lauren Au and Jeremy Duvall.