Kirkland Advises Whirlpool on Strategic Debt Refinancing
Kirkland & Ellis led the upsized $2 billion private offering of $1 billion of 7.500% Senior Secured Second Lien Notes due 2031 and $1 billion of 7.875% Senior Secured Second Lien Notes due 2034 by Whirlpool Corporation (NYSE: WHR), as well as a concurrent tender offer and consent solicitation for €1.1 billion of Euro-denominated notes across two tranches issued by a subsidiary of Whirlpool. The private offering was upsized from the original announcement of $1.5 billion. Whirlpool used the net proceeds from the offering, together with borrowings under a concurrently negotiated asset-based revolving credit facility, to pay the consideration for all Euro-denominated notes tendered to it in the tender offer, satisfy and discharge the indenture governing the Euro-denominated notes (as amended by the concurrent consent solicitation) and repay outstanding borrowings under Whirlpool’s current revolving credit facility. The transaction represents Whirlpool’s debut unregistered notes offering and its first offering of secured debt.
The offering of the notes closed on June 16, 2026. The tender offer expired on June 30, 2026.
Read the transaction press releases here and here
The Kirkland team included capital markets lawyers Bob Hayward, Bob Goedert, Michael Keeley, Ben Richards, Parker Davis, Paul Kieffer, Lauren Au and Jeremy Duvall; debt finance lawyer Michelle Kilkenney; and tax lawyer Thad Davis.
