Wal-Mart Sells $6 Billion of Debt With Amazon Battle Heating Up
- World’s largest retailer sold unsecured notes in six parts
- Proceeds of bond sale to go toward $8.5 billion tender offer
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Wal-Mart Stores Inc. sold bonds to refinance debt as it girds for an online battle against Amazon.com Inc.
The world’s largest retailer issued $6 billion of unsecured bonds in six parts, according to a person with knowledge of the matter, after cutting a three-year floating rate note from the offering. The longest portion, a 30-year security, yields 75 basis points, or 0.75 percentage point above Treasuries, down from initial talk of around 95 basis points, said the person, who asked not to be identified because the deal is private.