Illinois Tool Works prices $1.5B of 4.650% notes due 2029 to refinance commercial paper debt

Filed August 12, 2026 · ~1 min read

Key Changes

• high

  ITW is offering $1.5 billion aggregate principal amount of unsecured 4.650% notes maturing August 13, 2029, with semi-annual interest payments beginning February 13, 2027.

  The Offering verify on EDGAR →
• high

  Net proceeds of approximately $1.489 billion (after underwriting discount and expenses) will primarily repay commercial paper debt, which totaled $2.2 billion at a 3.77% weighted average rate and 9-day maturity as of August 11, 2026.

  Use of Proceeds verify on EDGAR →
• medium

  The notes are unsecured and rank equally with ITW's other unsubordinated debt. As of June 30, 2026, the company had $9.7 billion in third-party indebtedness, substantially all unsecured, and $13.6 billion in total third-party liabilities.

  Risk Factors verify on EDGAR →