The Firm recently represented Goldman Sachs International, Merrill Lynch International, MUFG Securities EMEA plc, HSBC Securities (USA) Inc., Morgan Stanley & Co. International plc, Wells Fargo Securities International Limited, Standard Chartered Bank, TD Securities (USA) LLC, The Bank of Nova Scotia, Hong Kong Branch and U.S. Bancorp Investments, Inc. in connection with a ¥170 billion offering of debt securities by Wal-Mart Stores, Inc. (“Walmart”). Walmart offered and sold ¥70 billion aggregate principal amount of its 0.183% Notes due 2022, ¥40 billion aggregate principal amount of its 0.298% Notes due 2024, and ¥60 billion aggregate principal amount 0.52% Notes due 2027. The net proceeds from the offering will be used for general corporate purposes.
The Firm also represented Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, BBVA Securities Inc., RBS Securities Inc. and Santander Investment Securities Inc. as dealer managers in connection with tender offers to purchase for cash (i) up to $2,000,000,000 aggregate purchase price, including principal, premium and the applicable early participation amount, but excluding accrued interest, of Walmart’s 6.5% Notes due 2037, 6.2% Notes due 2038, 5.625% Notes due 2040 and 5.625% Notes due 2041, and (ii) up to £500,000,000 aggregate purchase price, including principal, premium and the applicable early participation amount, but excluding accrued interest, of Walmart’s 4.875% Notes due 2039, 5.25% Notes due 2035 and 5.75% Notes due 2030.
Walmart is the world’s largest retailer, with total net sales of $481.3 billion in its fiscal year ended January 31, 2017, and with over 11,700 stores under 59 banners in 28 countries and e-commerce websites in 11 countries.
The Simpson Thacher team included John D. Lobrano, Rodrigo Surcan dos Santos, Sung Bum Cho and Jennifer Rosen (Capital Markets); Jonathan Cantor and Pierce Pandolph (Tax); and Andrew Pagliughi (FINRA and Blue Sky).