The Firm recently represented Citigroup Global Markets Inc., Mizuho Securities USA LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC and the other underwriters in connection with a $5 billion offering of debt securities by Walmart Inc. (“Walmart”). Walmart offered and sold $1.25 billion aggregate principal amount of its 1.05% Notes due 2026, $1.25 billion aggregate principal amount of its 1.5% Notes due 2028, $1 billion aggregate principal amount of its 2.5% Notes due 2041 and $1.5 billion aggregate principal amount of its 2.65% Notes due 2051. Walmart intends to use the net proceeds from the offering to pay a portion of the purchase price for the securities subject to the concurrent tender offer by Walmart and, to the extent that the net proceeds from the sale are not used for such purpose, for general corporate purposes.
In addition, the Firm represented AmeriVet Securities, Inc., BofA Securities, Inc., Citigroup Global Markets Inc., C.L. King & Associates, Inc., Morgan Stanley & Co. LLC, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC and the other underwriters in connection with a $2 billion offering of debt securities by Walmart in its inaugural green bond offering. Walmart offered and sold $2 billion aggregate principal amount of its 1.8% Notes due 2031. Walmart intends to use the net proceeds from the offering to finance or refinance, as applicable, a portfolio of “Eligible Green Investments,” including renewable energy, high performance buildings, sustainable transport, zero waste and circular economy, water stewardship and habitat restoration and conservation.
The Firm also represented Credit Suisse Securities (USA) LLC, TD Securities (USA) LLC, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and NatWest Markets Securities Inc. and the other dealer managers in connection with a tender offer by Walmart to purchase for cash certain of its outstanding notes. Following the upsize and early settlement of the tender offer, Walmart accepted for purchase $10 billion aggregate principal amount of such notes, upsized from the original maximum principle amount of $8 billion.
Walmart (NYSE: WMT) helps people around the world save money and live better—anytime and anywhere—in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity.
The Simpson Thacher team included William Brentani, Kelli Schultz, Jesse Feng and Marina Hernandez (Capital Markets); Jonathan Cantor and Eli Shalam (Tax); and Jennie Getsin (FINRA and Blue Sky).