0001193125-21-279535.txt : 20210922 0001193125-21-279535.hdr.sgml : 20210922 20210922170658 ACCESSION NUMBER: 0001193125-21-279535 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20210922 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210922 DATE AS OF CHANGE: 20210922 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Walmart Inc. CENTRAL INDEX KEY: 0000104169 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 710415188 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06991 FILM NUMBER: 211270219 BUSINESS ADDRESS: STREET 1: 702 SOUTHWEST 8TH ST CITY: BENTONVILLE STATE: AR ZIP: 72716 BUSINESS PHONE: 5012734000 MAIL ADDRESS: STREET 1: 702 SOUTHWEST 8TH STREET CITY: BENTONVILLE STATE: AR ZIP: 72716 FORMER COMPANY: FORMER CONFORMED NAME: WAL MART STORES INC DATE OF NAME CHANGE: 19920703 8-K 1 d172606d8k.htm 8-K 8-K
false 0000104169 0000104169 2021-09-22 2021-09-22 0000104169 wmt:CommonStockparvalue0.10pershareMember 2021-09-22 2021-09-22 0000104169 wmt:A1.900NotesDue2022Member 2021-09-22 2021-09-22 0000104169 wmt:A2.550NotesDue2026Member 2021-09-22 2021-09-22

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 22, 2021

 

 

Walmart Inc.

(Exact name of registrant as specified in its charter)

 

 

 

DE   001-06991   71-0415188

(State or other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

702 S.W. 8th Street

Bentonville, AR 72716-0215

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:

(479) 273-4000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.10 per share   WMT   NYSE
1.900% Notes Due 2022   WMT22   NYSE
2.550% Notes Due 2026   WMT26   NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 8.01. Other Events.

On September 22, 2021, Walmart Inc., a Delaware corporation (the “Company”), issued a press release (the “Early Participation Press Release”) announcing the results as of the early participation date for its previously announced cash tender offer for outstanding notes of its series of 7.55% notes due 2030, 6.750% debentures due 2023, 6.500% notes due 2037, 5.875% notes due 2027, 6.200% notes due 2038, 5.625% notes due 2040, 5.625% notes due 2041, 5.25% notes due 2035, 5.000% notes due 2040, 4.875% notes due 2040, 4.750% notes due 2043, 4.300% notes due 2044, 3.625% notes due 2047, 4.000% notes due 2043, 4.050% notes due 2048, 3.950% notes due 2038, 2.950% notes due 2049, 3.700% notes due 2028, 3.550% notes due 2025, 3.400% notes due 2023, 3.250% notes due 2029, 3.050% notes due 2026, 2.850% notes due 2024, 2.650% notes due 2024 and 2.375% notes due 2029 (collectively, the “Securities”) (such cash tender offer, the “Tender Offer”).

In the Early Participation Press Release, the Company also announced that it is increasing the maximum aggregate principal amount of Securities it will accept for purchase in the Tender Offer from the previously announced amount of $8,000,000,000 to $10,000,000,000 (as so amended, the “Maximum Principal Amount”). In addition, the Company announced that because the aggregate principal amount of Securities validly tendered and not validly withdrawn in the Tender Offer at or prior to the Early Participation Date exceeds the Maximum Principal Amount (as amended), the Company will not accept for purchase any Securities tendered after the Early Participation Date, and Securities tendered in the Tender Offer and not purchased on the Early Payment Date will be returned promptly after the Early Payment Date. The Company also announced that it has satisfied the previously announced financing condition for the Tender Offer.

A copy of the Early Participation Press Release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

On September 22, 2021, the Company also issued a press release (the “Pricing Press Release”) announcing the pricing for the Tender Offer and the principal amounts of the Securities of each series expected to be purchased on the Early Payment Date pursuant to the Tender Offer. A copy of the Pricing Press Release is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The Tender Offer is made upon the terms and subject to the conditions set forth in the Offer to Purchase dated September 8, 2021 (as amended, the “Offer to Purchase”), which sets forth the terms and conditions of the Tender Offer. Capitalized terms used but not defined in this Current Report on Form 8-K have the meanings given to them in the Offer to Purchase.

This Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, does not constitute an offer to sell or an offer to purchase any of the Securities or any other securities of the Company. The Company is making the Tender Offer only in those jurisdictions in which the Company is permitted to make the Tender Offer under applicable law.

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits.

Exhibit 99.1—A copy of the Early Participation Press Release is included herewith as Exhibit 99.1.

Exhibit 99.2—A copy of the Pricing Press Release is included herewith as Exhibit 99.2.

Exhibit 104—Cover Page Interactive Data File (formatted as Inline XBRL).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 22, 2021

 

WALMART INC.
By:  

/s/ Gordon Y. Allison

  Name:   Gordon Y. Allison
  Title:  

Senior Vice President, Office of the Corporate

Secretary, Chief Counsel for Finance and Governance

and Assistant Secretary

EX-99.1 2 d172606dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Walmart Announces Early Participation Results, Upsizing and Satisfaction of the Financing Condition for its Cash Tender Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED BY THE COMPANY, THE DEALER-MANAGERS AND THE INFORMATION AGENT TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH RESTRICTIONS.

BENTONVILLE, Ark., September 22, 2021 — Walmart Inc. (NYSE: WMT) (“Walmart” or the “Company”) announced today results as of the Early Participation Date (as defined below) for its previously announced offer to purchase for cash the securities listed in Table I below (collectively, the “Securities”) (such offer to purchase, the “Tender Offer”). Walmart also announced that it is increasing the maximum aggregate principal amount of Securities it will accept for purchase in the Tender Offer from the previously announced amount of $8,000,000,000 to $10,000,000,000 (as hereby amended, the “Maximum Principal Amount”). In connection therewith, Walmart also announced that it has satisfied the previously announced Financing Condition for the Tender Offer.

The Tender Offer is made upon the terms and subject to the conditions set forth in the Offer to Purchase dated September 8, 2021 (as hereby amended and as it may be amended or supplemented from time to time in the future, the “Offer to Purchase”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

As previously announced, the Early Participation Date for the Tender Offer was 5:00 p.m., New York City time, on September 21, 2021 (the “Early Participation Date”). The Early Participation Date was not extended. The aggregate principal amount of the Securities of each series that were validly tendered and not validly withdrawn in the Tender Offer at or prior to the Early Participation Date is set forth in Table I below. Because the aggregate principal amount of Securities validly tendered and not validly withdrawn in the Tender Offer at or prior to the Early Participation Date exceeds the Maximum Principal Amount (as amended), the Company will not accept for purchase any Securities tendered after the Early Participation Date. Securities tendered in the Tender Offer and not purchased on the Early Payment Date will be returned promptly after the Early Payment Date.

 

TABLE I

Title of Security

   Security Identifiers    Applicable Maturity
Date/Par Call Date
  Principal
Amount
Outstanding

(millions)
   Acceptance
Priority Level
   Aggregate Principal
Amount Tendered
as of the
Early Participation Date
   Percent of Amount
Outstanding Tendered

as of the
Early Participation Date

7.55% Notes

due 2030

   CUSIP: 931142 BF9

ISIN: US931142BF98

   February 15, 2030   $588    1    $119,265,000    20.27%

6.750% Debentures

due 2023

   CUSIP: 931142 AU7

ISIN: US931142AU74

   October 15, 2023   $152    2    $1,755,000    1.15%

6.500% Notes

due 2037

   CUSIP: 931142 CK7

ISIN: US931142CK74

   August 15, 2037   $1,300    3    $261,679,000    20.14%

5.875% Notes

due 2027

   CUSIP: 931142 CH4

ISIN: US931142CH46

   April 5, 2027   $483    4    $110,014,000    22.78%

6.200% Notes

due 2038

   CUSIP: 931142 CM3

ISIN: US931142CM31

   April 15, 2038   $919    5    $116,276,000    12.65%

5.625% Notes

due 2040

   CUSIP: 931142 CS0

ISIN: US931142CS01

   April 1, 2040   $751    6    $142,444,000    18.96%

5.625% Notes

due 2041

   CUSIP: 931142 DB6

ISIN: US931142DB66

   April 15, 2041   $918    7    $305,298,000    33.24%

5.25% Notes

due 2035

   CUSIP: 931142 CB7

ISIN: US931142CB75

   September 1, 2035   $1,968    8    $634,878,000    32.27%

5.000% Notes

due 2040

   CUSIP: 931142 CY7

ISIN: US931142CY78

   October 25, 2040   $519    9    $125,068,000    24.12%

4.875% Notes

due 2040

   CUSIP: 931142 CV3

ISIN: US931142CV30

   July 8, 2040   $378    10    $101,452,000    26.86%

4.750% Notes

due 2043

   CUSIP: 931142 DK6

ISIN: US931142DK65

   April 2, 2043*   $269    11    $38,136,000    14.16%

4.300% Notes

due 2044

   CUSIP: 931142 DQ3

ISIN: US931142DQ36

   October 22, 2043*   $502    12    $172,387,000    34.35%


TABLE I

Title of Security

   Security Identifiers    Applicable Maturity
Date/Par Call Date
  Principal
Amount
Outstanding

(millions)
   Acceptance
Priority Level
   Aggregate Principal
Amount Tendered
as of the
Early Participation Date
   Percent of Amount
Outstanding Tendered

as of the
Early Participation Date

3.625% Notes

due 2047

   CUSIP: 931142 DW0

ISIN: US931142DW04

   June 15, 2047*   $1,000    13    $566,440,000    56.64%

4.000% Notes

due 2043

   CUSIP: 931142 DG5

ISIN: US931142DG53

   October 11, 2042*   $709    14    $295,900,000    41.71%

4.050% Notes

due 2048

   CUSIP: 931142 EC3

ISIN: US931142EC31

   December 29, 2047*   $3,000    15    $1,317,319,000    43.91%

3.950% Notes

due 2038

   CUSIP: 931142 EB5

ISIN: US931142EB57

   December 28, 2037*   $1,500    16    $924,862,000    61.66%

2.950% Notes

due 2049

   CUSIP: 931142 EP4

ISIN: US931142EP44

   March 24, 2049*   $1,000    17    $371,473,000    37.15%

3.700% Notes

due 2028

   CUSIP: 931142 EE9

ISIN: US931142EE96

   March 26, 2028*   $2,750    18    $1,270,665,000    46.21%

3.550% Notes

due 2025

   CUSIP: 931142 ED1

ISIN: US931142ED14

   April 26, 2025*   $1,500    19    $625,335,000    41.69%

3.400% Notes

due 2023

   CUSIP: 931142EK5

ISIN: US931142EK56

   May 26, 2023*   $2,750    20    $469,846,000    17.09%

3.250% Notes

due 2029

   CUSIP: 931142 EN9

ISIN: US931142EN95

   April 8, 2029*   $1,250    21    $517,239,000    41.38%

3.050% Notes

due 2026

   CUSIP: 931142 EM1

ISIN: US931142EM13

   May 8, 2026*   $1,250    22    $451,135,000    36.09%

2.850% Notes

due 2024

   CUSIP: 931142 EL3

ISIN: US931142EL30

   June 8, 2024*   $1,500    23    $510,429,000    34.03%

2.650% Notes

due 2024

   CUSIP: 931142 DV2

ISIN: US931142DV21

   October 15, 2024*   $1,000    24    $369,824,000    36.98%

2.375% Notes

due 2029

   CUSIP: 931142 EQ2

ISIN: US931142EQ27

   June 24, 2029*   $500    25    $205,047,000    41.01%

 

*

Refers to the par call date for such series of Securities.

Withdrawal rights for the Tender Offer expired at 5:00 p.m., New York City time, on September 21, 2021, and were not extended. Accordingly, Securities tendered in the Tender Offer may no longer be withdrawn. Subject to the satisfaction or waiver of the conditions to the Tender Offer described in the Offer to Purchase (other than the Financing Condition, which has been satisfied), the Company intends to accept for purchase Securities up to the Maximum Principal Amount validly tendered in the Tender Offer (and not validly withdrawn) at or prior to the Early Participation Date. The early payment date for the Tender Offer will be promptly following the Early Participation Date and is expected to be on or about September 23, 2021.

The applicable “Reference Yield” and resulting “Total Consideration” payable per $1,000 principal amount for each series of Securities subject to the Tender Offer will be determined with respect to such series of Securities at 10:00 a.m., New York City time, on September 22, 2021.

The Tender Offer will expire at 11:59 p.m., New York City time, on October 5, 2021, unless such deadline is extended or the Tender Offer is earlier terminated by the Company (such date and time, as the same may be extended, the “Expiration Date”), subject to applicable law.

 

 

Copies of the Offer to Purchase and all announcements, press releases and notices can also be obtained from the Information Agent, the contact details for whom are set out below. Significant delays may be experienced where notices are delivered to DTC and holders are urged to contact the Information Agent for the relevant announcements relating to the Tender Offer.

 

 

Holders are advised to read carefully the Offer to Purchase for full details of and information on the procedures for participating in the Tender Offer.

Barclays Capital Inc. (“Barclays”), Credit Suisse Securities (USA) LLC (“Credit Suisse”) and TD Securities (USA) LLC (“TD Securities”) are acting as lead dealer-managers (the “Lead Dealer-Managers”), BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and NatWest Markets Securities Inc. are acting as co-dealer-managers (the “Co-Dealer-Managers”), BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as senior co-managers (the “Senior Co-Managers”), and BBVA Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., Standard Chartered Bank, U.S. Bancorp Investments, Inc., SMBC Nikko Securities America, Inc., ICBC Standard Bank Plc, Lloyds Securities Inc., Loop Capital Markets LLC, Academy Securities, Inc., AmeriVet Securities, Inc., CastleOak Securities, L.P., C.L. King & Associates, Inc., Guzman & Company, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers (the “Co-Managers” and collectively with the Lead Dealer-Managers, the Co-Dealer Managers and the Senior Co-Managers, the “Dealer-Managers”) in connection with the Tender Offer. Global Bondholder Services Corporation is acting as information agent (the “Information Agent”) and depositary (the “Depositary”) in connection with the Tender Offer.


Questions regarding the terms of the Tender Offer and requests for assistance in connection with the Tender Offer may be directed to Barclays, Credit Suisse, TD Securities or the Information Agent at their addresses and telephone numbers set forth below:

 

Barclays Capital Inc.   Credit Suisse Securities (USA) LLC   TD Securities (USA) LLC

745 Seventh Avenue

New York, New York 10019

Toll-Free: (800) 438-3242

Collect: (212) 528-7581

Attn: Liability Management Group

Email: us.lm@barclayscapital.com

 

Eleven Madison Avenue

New York, New York 10010

Toll-Free: (800) 221-1037

Collect: (212) 325-7823

Attn: Liability Management Group

Email: americas.lm@credit-suisse.com

 

1 Vanderbilt Avenue, 12th Floor

New York, New York 10017

Toll-Free: (866) 584-2096

Collect: (212) 827-7795

Attn: Liability Management

Email: LM@tdsecurities.com

Questions concerning tender procedures and requests for assistance or copies of the Offer to Purchase should be directed to the Information Agent.

Global Bondholder Services Corporation

65 Broadway, Suite 404

New York, New York 10006

Attention: Corporate Actions

Email: contact@gbsc-usa.com

https://www.gbsc-usa.com/Walmart/

Banks and Brokers call: (212) 430-3774

U.S. Toll-Free: (866) 924-2200

International call: 001-212-430-3774

DISCLAIMER This announcement must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which should be read carefully before any decision is made with respect to the Tender Offer. If you are in any doubt as to the contents of this announcement or the Offer to Purchase or the action you should take, you are recommended to seek your own financial and legal advice, including as to any tax consequences, immediately from your broker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual or company whose Securities are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Tender Offer. None of the Dealer-Managers, the Information Agent, the Depositary or the Company makes any recommendation as to whether holders should tender their Securities for purchase pursuant to the Tender Offer.

None of the Dealer-Managers, the Depositary, the Information Agent and any of their respective directors, officers, employees, agents and affiliates assumes any responsibility for the accuracy or completeness of the information concerning the Company, the Securities or the Tender Offer contained in this announcement or in the Offer to Purchase. None of the Dealer-Managers, the Depositary, the Information Agent and any of their respective directors, officers, employees, agents and affiliates is acting for any holder, or will be responsible to any holder for providing any protections which would be afforded to its clients or for providing advice in relation to the Tender Offer, and, accordingly, none of the Dealer-Managers, the Depositary, the Information Agent and any of their respective directors, officers, employees, agents and affiliates assumes any responsibility for any failure by the Company to disclose information with regard to the Company or Securities which is material in the context of the Tender Offer and which is not otherwise publicly available.

General

Neither this announcement, the Offer to Purchase nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Securities (and tenders of Securities for purchase pursuant to the Tender Offer will not be accepted from holders) in any circumstances in which such offer or solicitation is unlawful. The Company is not aware of any jurisdiction where the making of the Tender Offer is not in compliance with the laws of such jurisdiction. If the Company becomes aware of any jurisdiction where the making of the Tender Offer would not be in compliance with such laws, the Company will make a good faith effort to comply with any such laws or may seek to have such laws declared inapplicable to the Tender Offer. If, after such good faith effort, the Company cannot comply with any such applicable laws, the Tender Offer will not be made to the holders of Securities residing in each such jurisdiction.

In any jurisdictions where the securities, blue sky or other laws require the Tender Offer to be made by a licensed broker or dealer in any such jurisdiction, the Tender Offer shall be deemed to be made on behalf of the Company by such Dealer-Manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction.

By tendering your Securities, or instructing your custodian to tender your Securities, pursuant to the Tender Offer, you are representing and warranting that you are not a person to whom it is unlawful to make an invitation to tender pursuant to the Tender Offer under applicable law, and you have observed (and will observe) all laws of relevant jurisdictions in connection with your tender. Each holder participating in


the Tender Offer will be deemed to give certain representations as set out in the Offer to Purchase under the heading “The Tender Offer—Procedures for Tendering Securities.” If you are unable to make these representations, your tender of Securities for purchase may be rejected. Each of the Company, the Dealer-Managers, the Depositary and the Information Agent reserves the right, in its sole and absolute discretion, to investigate, in relation to any tender of Securities for purchase pursuant to the Tender Offer, whether any such representation given by a holder is correct and, if such investigation is undertaken and as a result the Company determines (for any reason) that such representation is not correct, such tender or submission may be rejected.

About Walmart

Walmart Inc. (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.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “expect,” “may,” “estimate,” “deliver” and “target” and similar expressions are intended to identify the Company’s forward-looking statements, including, but not limited to, statements about the expected timing, size or other terms of the Tender Offer and the Company’s ability to complete the Tender Offer. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause the Company’s actual results to differ materially from those expressed or implied in the Company’s forward-looking statements. Please see the Cautionary Statement Regarding Forward-Looking Statements in the Offer to Purchase, as well as the Company’s Cautionary Statements Regarding Forward-Looking Statements and risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company urges you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this release. Walmart cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects. The forward-looking statements made today are as of the date of this release. Walmart Inc. disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.

 

Investor Relations contact   Media Relations contact
Dan Binder, CFA (4779) 258-7172   Randy Hargrove (800) 331-0085
EX-99.2 3 d172606dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

Walmart Announces Pricing for Cash Tender Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED BY THE COMPANY, THE DEALER-MANAGERS AND THE INFORMATION AGENT TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH RESTRICTIONS.

BENTONVILLE, Ark., September 22, 2021 — Walmart Inc. (NYSE: WMT) (“Walmart” or the “Company”) announced today the pricing for its previously announced offer to purchase for cash up to $10,000,000,000 aggregate principal amount (the “Maximum Principal Amount”) of the securities listed in Table I below (collectively, the “Securities”) (such offer to purchase, the “Tender Offer”). The Company also announced the principal amounts of Securities of each series expected to be purchased on the Early Payment Date.

The Tender Offer is made upon the terms and subject to the conditions set forth in the Offer to Purchase dated September 8, 2021 (as amended, the “Offer to Purchase”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

The consideration to be paid for the Securities of each series being purchased in the Tender Offer has been determined in the manner described in the Offer to Purchase according to the “Reference Yield,” which means with respect to the Securities of each series being purchased, the yield of the applicable reference security listed in Table I below for such series of Securities.

With respect to the Tender Offer, the Company expects to accept for purchase on the Early Payment Date Securities up to the Maximum Principal Amount validly tendered, and not validly withdrawn, at or prior to Early Participation Date, in accordance with the Offer to Purchase. Holders who validly tendered and did not validly withdraw Securities at or prior to the Early Participation Date that are accepted for purchase in the Tender Offer on the Early Payment Date will receive the applicable “Total Consideration” listed in Table I below per $1,000 principal amount of such Securities accepted for purchase in the Tender Offer, which includes the Early Participation Amount of $50 per $1,000 principal amount of such Securities. In addition, such holders whose Securities are accepted for purchase pursuant to the Tender Offer on the Early Payment Date will receive accrued and unpaid interest on the applicable series of Securities from, and including, the most recent interest payment date for such series of Securities prior to the Early Payment Date to, but not including, the Early Payment Date (“Accrued Interest”). The Early Payment Date for the Tender Offer is expected to be September 23, 2021.

As previously announced, the Early Participation Date for the Tender Offer was 5:00 p.m., New York City time, on September 21, 2021, and the Early Participation Date was not extended. Withdrawal rights for the Tender Offer expired at 5:00 p.m., New York City time, on September 21, 2021, and were not extended.

The Expiration Date of the Tender Offer is 11:59 p.m., New York City time, on October 5, 2021, unless extended by the Company, in its sole and absolute discretion. However, because the aggregate principal amount of Securities validly tendered and not validly withdrawn in the Tender Offer at or prior to the Early Participation Date exceeds the Maximum Principal Amount, the Company will not accept for purchase any Securities tendered after the Early Participation Date. Securities tendered in the Tender Offer and not purchased on the Early Payment Date will be returned promptly after the Early Payment Date.

The applicable Total Consideration per $1,000 principal amount of Securities of each series to be received by holders of Securities of such series that are validly tendered, and not validly withdrawn, in the Tender Offer and that are accepted for purchase by the Company in the Tender Offer on the Early Payment Date is set forth in Table I below.

 

TABLE I

Title of

Security

  Security Identifiers   Principal
Amount
Outstanding

(millions)
  Acceptance
Priority

Level
  Principal
Amount
Tendered as of

the Early
Participation
Date
  Principal
Amount
Expected to be
Purchased on

the Early
Payment Date
  Reference
Security
  Bloomberg
Reference
Page/Screen
  Reference
Yield
  Fixed
Spread
(basis
points)
  Tender
Offer
Yield
  Total
Consideration(1)

7.55% Notes

due 2030

  CUSIP: 931142 BF9

ISIN: US931142BF98

  $588   1   $119,265,000   $119,265,000   1.250% due
08/15/2031
  FIT1   1.321%   + 15   1.471%   $1,478.38

6.750% Debentures

due 2023

  CUSIP: 931142 AU7

ISIN: US931142AU74

  $152   2   $1,755,000   $1,755,000   0.125% due
08/31/2023
  FIT1   0.222%   + 10   0.322%   $1,131.94

6.500% Notes

due 2037

  CUSIP: 931142 CK7

ISIN: US931142CK74

  $1,300   3   $261,679,000   $261,679,000   1.750% due
08/15/2041
  FIT1   1.798%   + 45   2.248%   $1,565.60

5.875% Notes

due 2027

  CUSIP: 931142 CH4

ISIN: US931142CH46

  $483   4   $110,014,000   $110,014,000   0.750% due
08/31/2026
  FIT1   0.836%   + 30   1.136%   $1,253.45

6.200% Notes

due 2038

  CUSIP: 931142 CM3

ISIN: US931142CM31

  $919   5   $116,276,000   $116,276,000   1.750% due
08/15/2041
  FIT1   1.798%   + 50   2.298%   $1,534.93

5.625% Notes

due 2040

  CUSIP: 931142 CS0

ISIN: US931142CS01

  $751   6   $142,444,000   $142,444,000   1.750% due
08/15/2041
  FIT1   1.798%   + 55   2.348%   $1,489.91

5.625% Notes

due 2041

  CUSIP: 931142 DB6

ISIN: US931142DB66

  $918   7   $305,298,000   $305,298,000   1.750% due
08/15/2041
  FIT1   1.798%   + 55   2.348%   $1,511.60

5.25% Notes

due 2035

  CUSIP: 931142 CB7

ISIN: US931142CB75

  $1,968   8   $634,878,000   $634,878,000   1.250% due
08/15/2031
  FIT1   1.321%   + 60   1.921%   $1,405.38

5.000% Notes

due 2040

  CUSIP: 931142 CY7

ISIN: US931142CY78

  $519   9   $125,068,000   $125,068,000   1.750% due
08/15/2041
  FIT1   1.798%   + 60   2.398%   $1,396.65

4.875% Notes

due 2040

  CUSIP: 931142 CV3

ISIN: US931142CV30

  $378   10   $101,452,000   $101,452,000   1.750% due
08/15/2041
  FIT1   1.798%   + 60   2.398%   $1,372.92

4.750% Notes

due 2043

  CUSIP: 931142 DK6

ISIN: US931142DK65

  $269   11   $38,136,000   $38,136,000   1.750% due
08/15/2041
  FIT1   1.798%   + 65   2.448%   $1,383.37

4.300% Notes

due 2044

  CUSIP: 931142 DQ3

ISIN: US931142DQ36

  $502   12   $172,387,000   $172,387,000   1.750% due
08/15/2041
  FIT1   1.798%   + 60   2.398%   $1,324.57

3.625% Notes

due 2047

  CUSIP: 931142 DW0

ISIN: US931142DW04

  $1,000   13   $566,440,000   $566,440,000   2.375% due
05/15/2051
  FIT1   1.847%   + 60   2.447%   $1,223.89

4.000% Notes

due 2043

  CUSIP: 931142 DG5

ISIN: US931142DG53

  $709   14   $295,900,000   $295,900,000   1.750% due
08/15/2041
  FIT1   1.798%   + 60   2.398%   $1,263.57

4.050% Notes

due 2048

  CUSIP: 931142 EC3

ISIN: US931142EC31

  $3,000   15   $1,317,319,000   $1,317,319,000   2.375% due
05/15/2051
  FIT1   1.847%   + 55   2.397%   $1,320.78

3.950% Notes

due 2038

  CUSIP: 931142 EB5

ISIN: US931142EB57

  $1,500   16   $924,862,000   $924,862,000   1.750% due
08/15/2041
  FIT1   1.798%   + 40   2.198%   $1,238.46

2.950% Notes

due 2049

  CUSIP: 931142 EP4

ISIN: US931142EP44

  $1,000   17   $371,473,000   $371,473,000   2.375% due
05/15/2051
  FIT1   1.847%   + 50   2.347%   $1,121.68

3.700% Notes

due 2028

  CUSIP: 931142 EE9

ISIN: US931142EE96

  $2,750   18   $1,270,665,000   $1,270,665,000   1.250% due
08/15/2031
  FIT1   1.321%   - 5   1.271%   $1,151.26

3.550% Notes

due 2025

  CUSIP: 931142 ED1

ISIN: US931142ED14

  $1,500   19   $625,335,000   $625,335,000   0.375% due
04/30/2025
  FIT5   0.603%   + 12.5   0.728%   $1,099.86

3.400% Notes

due 2023

  CUSIP: 931142EK5

ISIN: US931142EK56

  $2,750   20   $469,846,000   $469,846,000   0.125% due
05/31/2023
  FIT4   0.183%   + 10   0.283%   $1,052.05

3.250% Notes

due 2029

  CUSIP: 931142 EN9

ISIN: US931142EN95

  $1,250   21   $517,239,000   $517,239,000   1.250% due
08/15/2031
  FIT1   1.321%   + 5   1.371%   $1,134.19

3.050% Notes

due 2026

  CUSIP: 931142 EM1

ISIN: US931142EM13

  $1,250   22   $451,135,000   $451,135,000   0.750% due
08/31/2026
  FIT1   0.836%   + 5   0.886%   $1,097.85

2.850% Notes

due 2024

  CUSIP: 931142 EL3

ISIN: US931142EL30

  $1,500   23   $510,429,000   $510,429,000   0.250% due
06/15/2024
  FIT5   0.403%   + 10   0.503%   $1,063.05

2.650% Notes

due 2024

  CUSIP: 931142 DV2

ISIN: US931142DV21

  $1,000   24   $369,824,000   $369,824,000   1.500% due
09/30/2024
  FIT5   0.459%   + 10   0.559%   $1,063.37

2.375% Notes

due 2029

  CUSIP: 931142 EQ2

ISIN: US931142EQ27

  $500   25   $205,047,000   $180,881,000   1.250% due
08/15/2031
  FIT1   1.321%   + 10   1.421%   $1,069.81

 

(1)

The Total Consideration payable for Securities accepted for purchase by the Company per $1,000 principal amount, which includes the Early Participation Amount. Holders whose Securities are accepted for purchase will also receive Accrued Interest on such Securities.


 

Copies of the Offer to Purchase and all announcements, press releases and notices can also be obtained from the Information Agent, the contact details for whom are set out below. Significant delays may be experienced where notices are delivered to DTC and holders are urged to contact the Information Agent for the relevant announcements relating to the Tender Offer.

 

 

Holders are advised to read carefully the Offer to Purchase for full details of and information on the procedures for participating in the Tender Offer.

Barclays Capital Inc. (“Barclays”), Credit Suisse Securities (USA) LLC (“Credit Suisse”) and TD Securities (USA) LLC (“TD Securities”) are acting as lead dealer-managers (the “Lead Dealer-Managers”), BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and NatWest Markets Securities Inc. are acting as co-dealer-managers (the “Co-Dealer-Managers”), BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as senior co-managers (the “Senior Co-Managers”), and BBVA Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., Standard Chartered Bank, U.S. Bancorp Investments, Inc., SMBC Nikko Securities America, Inc., ICBC Standard Bank Plc, Lloyds Securities Inc., Loop Capital Markets LLC, Academy Securities, Inc., AmeriVet Securities, Inc., CastleOak Securities, L.P., C.L. King & Associates, Inc., Guzman & Company, Samuel A. Ramirez & Company, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers (the “Co-Managers” and collectively with the Lead Dealer-Managers, the Co-Dealer Managers and the Senior Co-Managers, the “Dealer-Managers”) in connection with the Tender Offer. Global Bondholder Services Corporation is acting as information agent (the “Information Agent”) and depositary (the “Depositary”) in connection with the Tender Offer.

Questions regarding the terms of the Tender Offer and requests for assistance in connection with the Tender Offer may be directed to Barclays, Credit Suisse, TD Securities or the Information Agent at their addresses and telephone numbers set forth below:

 

Barclays Capital Inc.   Credit Suisse Securities (USA) LLC   TD Securities (USA) LLC

745 Seventh Avenue

New York, New York 10019

Toll-Free: (800) 438-3242

Collect: (212) 528-7581

Attn: Liability Management Group

Email: us.lm@barclayscapital.com

 

Eleven Madison Avenue

New York, New York 10010

Toll-Free: (800) 221-1037

Collect: (212) 325-7823

Attn: Liability Management Group

Email: americas.lm@credit-suisse.com

 

1 Vanderbilt Avenue, 12th Floor

New York, New York 10017

Toll-Free: (866) 584-2096

Collect: (212) 827-7795

Attn: Liability Management

Email: LM@tdsecurities.com

Questions concerning tender procedures and requests for assistance or copies of the Offer to Purchase should be directed to the Information Agent.

Global Bondholder Services Corporation

65 Broadway, Suite 404

New York, New York 10006

Attention: Corporate Actions

Email: contact@gbsc-usa.com

https://www.gbsc-usa.com/Walmart/

Banks and Brokers call: (212) 430-3774

U.S. Toll-Free: (866) 924-2200

International call: 001-212-430-3774

DISCLAIMER This announcement must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which should be read carefully before any decision is made with respect to the Tender Offer. If you are in any doubt as to the contents of this announcement or the Offer to Purchase or the action you should take, you are recommended to seek your own financial and legal advice, including as to any tax consequences, immediately from your broker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual or company whose Securities are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Tender Offer. None of the Dealer-Managers, the Information Agent, the Depositary or the Company makes any recommendation as to whether holders should tender their Securities for purchase pursuant to the Tender Offer.

None of the Dealer-Managers, the Depositary, the Information Agent and any of their respective directors, officers, employees, agents and affiliates assumes any responsibility for the accuracy or completeness of the information concerning the Company, the Securities or the Tender Offer contained in this announcement or in the Offer to Purchase. None of the Dealer-Managers, the Depositary, the Information


Agent and any of their respective directors, officers, employees, agents and affiliates is acting for any holder, or will be responsible to any holder for providing any protections which would be afforded to its clients or for providing advice in relation to the Tender Offer, and, accordingly, none of the Dealer-Managers, the Depositary, the Information Agent and any of their respective directors, officers, employees, agents and affiliates assumes any responsibility for any failure by the Company to disclose information with regard to the Company or Securities which is material in the context of the Tender Offer and which is not otherwise publicly available.

General

Neither this announcement, the Offer to Purchase nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Securities (and tenders of Securities for purchase pursuant to the Tender Offer will not be accepted from holders) in any circumstances in which such offer or solicitation is unlawful. The Company is not aware of any jurisdiction where the making of the Tender Offer is not in compliance with the laws of such jurisdiction. If the Company becomes aware of any jurisdiction where the making of the Tender Offer would not be in compliance with such laws, the Company will make a good faith effort to comply with any such laws or may seek to have such laws declared inapplicable to the Tender Offer. If, after such good faith effort, the Company cannot comply with any such applicable laws, the Tender Offer will not be made to the holders of Securities residing in each such jurisdiction.

In any jurisdictions where the securities, blue sky or other laws require the Tender Offer to be made by a licensed broker or dealer in any such jurisdiction, the Tender Offer shall be deemed to be made on behalf of the Company by such Dealer-Manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction.

By tendering your Securities, or instructing your custodian to tender your Securities, pursuant to the Tender Offer, you are representing and warranting that you are not a person to whom it is unlawful to make an invitation to tender pursuant to the Tender Offer under applicable law, and you have observed (and will observe) all laws of relevant jurisdictions in connection with your tender. Each holder participating in the Tender Offer will be deemed to give certain representations as set out in the Offer to Purchase under the heading “The Tender Offer—Procedures for Tendering Securities.” If you are unable to make these representations, your tender of Securities for purchase may be rejected. Each of the Company, the Dealer-Managers, the Depositary and the Information Agent reserves the right, in its sole and absolute discretion, to investigate, in relation to any tender of Securities for purchase pursuant to the Tender Offer, whether any such representation given by a holder is correct and, if such investigation is undertaken and as a result the Company determines (for any reason) that such representation is not correct, such tender or submission may be rejected.

About Walmart

Walmart Inc. (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.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “expect,” “may,” “estimate,” “deliver” and “target” and similar expressions are intended to identify the Company’s forward-looking statements, including, but not limited to, statements about the expected timing, size or other terms of the Tender Offer and the Company’s ability to complete the Tender Offer. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause the Company’s actual results to differ materially from those expressed or implied in the Company’s forward-looking statements. Please see the Cautionary Statement Regarding Forward-Looking Statements in the Offer to Purchase, as well as the Company’s Cautionary Statements Regarding Forward-Looking Statements and risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company urges you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this release. Walmart cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects. The forward-looking statements made today are as of the date of this release. Walmart Inc. disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.

 

Investor Relations contact   Media Relations contact
Dan Binder, CFA (4779) 258-7172   Randy Hargrove (800) 331-0085
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DE 001-06991 71-0415188 702 S.W. 8th Street Bentonville AR 72716-0215 (479) 273-4000 false false false false Common Stock, par value $0.10 per share WMT NYSE 1.900% Notes Due 2022 WMT22 NYSE 2.550% Notes Due 2026 WMT26 NYSE false XML 11 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Document and Entity Information
Sep. 22, 2021
Document And Entity Information [Line Items]  
Amendment Flag false
Entity Central Index Key 0000104169
Document Type 8-K
Document Period End Date Sep. 22, 2021
Entity Registrant Name Walmart Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-06991
Entity Tax Identification Number 71-0415188
Entity Address, Address Line One 702 S.W. 8th Street
Entity Address, City or Town Bentonville
Entity Address, State or Province AR
Entity Address, Postal Zip Code 72716-0215
City Area Code (479)
Local Phone Number 273-4000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stockparvalue 0.10pershare [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common Stock, par value $0.10 per share
Trading Symbol WMT
Security Exchange Name NYSE
A 1.900 Notes Due 2022 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 1.900% Notes Due 2022
Trading Symbol WMT22
Security Exchange Name NYSE
A 2.550 Notes Due 2026 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 2.550% Notes Due 2026
Trading Symbol WMT26
Security Exchange Name NYSE
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