S&P gives 3M notes AA-

S&P said it assigned an AA- rating to 3M Co.’s proposed sale of $3 billion of senior notes. If there’s enough demand, 3M may upsize the offer to $3.25 billion.

The notes to be sold will mature in 2023, 2025, 2029 and 2049.

Proceeds will be used to help fund the acquisition of Acelity.

S&P said it revised the outlook for 3M to negative from stable because it believes the cost of the acquisition will stretch credit measures over the next one to two years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.