Whirlpool prices 6.8M share offering at $69.00 SHR

Whirlpool prices 6.8M share offering at $69.00 SHR

Whirlpool Prices 6.8M Share Offering at $69.00 per Share

Whirlpool Corporation (NYSE: WHR) has priced a public offering of 6.8 million shares of common stock at $69.00 per share as part of a broader strategic recapitalization effort. The offering, announced on February 23, 2026, is part of a dual securities issuance that includes both common stock and depositary shares representing interests in newly issued mandatory convertible preferred stock. The total expected proceeds from the offerings are $800 million, with the common stock component accounting for a portion of this amount.

The company plans to use the net proceeds to repay a portion of its revolving credit facility and fund strategic investments in vertical integration and automation initiatives. The offering also includes an over-allotment option, granting underwriters a 30-day window to purchase additional shares to cover potential over-allotments.

Whirlpool's stock has experienced a notable decline in response to the equity offering. As of market open on February 25, shares of WHR had fallen approximately 7% in pre-market trading, reflecting investor concerns over the dilutive impact of the new shares. The price of $69.00 per share represents a discount to the company's closing price on the day prior to the offering announcement.

The depositary shares, each representing a 1/20th interest in a share of Series A Mandatory Convertable Preferred Stock, are expected to automatically convert into common stock by February 15, 2029, based on a variable conversion rate. The preferred stock carries a liquidation preference of $1,000 per share.

Underwriters for the offering include Wells Fargo Securities, J.P. Morgan Securities, and Citigroup, among others. The common stock offering is now effective, with shares available for trading on the New York Stock Exchange.

This recapitalization follows Whirlpool's 2025 annual net sales of approximately $16 billion, with operations spanning 35 manufacturing and research centers globally. The company emphasized that the transaction aligns with its long-term strategy to strengthen financial flexibility and support innovation in the home appliance sector.