Whirlpool Corporation (NYSE: WHR) announced it priced a $2 billion offering of senior secured second lien notes, increasing the size from a previously announced $1.5 billion.

The offering consists of $1 billion in 7.500% notes due 2031 and $1 billion in 7.875% notes due 2034. The company had initially planned to issue $750 million of each series of notes.

Interest on the 2031 notes will accrue at 7.500% annually, while the 2034 notes will bear interest at 7.875% per year, both payable semi-annually starting June 16, 2026. The 2031 notes mature July 1, 2031, and the 2034 notes mature July 1, 2034.

The closing is expected June 16, 2026, subject to the completion of the company's proposed asset-based revolving credit facility and other conditions.

Whirlpool plans to use proceeds from the notes offering, along with borrowings under its new credit facility, to purchase outstanding 1.250% senior notes due 2026 and 1.100% senior notes due 2027 through a tender offer. The company will also repay amounts under its existing unsecured revolving credit facility and cover related fees and expenses.

The notes will be guaranteed by domestic and Canadian subsidiaries that participate in the asset-based credit facility. They will be secured on a second-priority basis by assets that secure the credit facility on a first-priority basis, excluding certain assets such as domestic manufacturing facilities and subsidiary shares.

The notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S, as they have not been registered under the Securities Act of 1933.