Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Number 333-203064
Supplementing the Preliminary
Prospectus Supplement dated
November 14, 2017 and the Prospectus
Dated March 27, 2015
$500,000,000
3.50% Senior Notes Due 2027
Leggett & Platt, Incorporated
November 14, 2017
Pricing Term Sheet
This pricing term sheet supplements the preliminary prospectus supplement filed by Leggett & Platt on
November 14, 2017 relating to its Prospectus dated March 27, 2015.
| Issuer |
Leggett & Platt, Incorporated | |
| Expected Issuer Ratings (Moody’s / S&P)* |
Baa1 (stable) / BBB+ (stable) | |
| Format |
SEC Registered | |
| Principal Amount |
$500,000,000 | |
| Trade Date |
November 14, 2017 | |
| Settlement Date |
November 16, 2017 (T+2) | |
| Maturity |
November 15, 2027 | |
| Interest Payment Dates |
May 15 and November 15 commencing on May 15, 2018 | |
| Benchmark Treasury |
2.250% due November 15, 2027 | |
| Benchmark Treasury Yield |
2.379% | |
| Spread to Benchmark Treasury |
T +120 bps | |
| Yield to Maturity |
3.579% | |
| Coupon |
3.50% | |
| Price to Public |
99.341% of the principal amount | |
| Underwriting Discount |
0.650% | |
| Price to Issuer |
98.691% | |
| Optional Redemption: |
Prior to August 15, 2027, T +20 bps On or after August 15, 2027 at par | |
| CUSIP/ISIN |
524660AY3 / US524660AY34 | |
|
Joint Book-Running Managers |
J.P. Morgan Securities LLC MUFG Securities Americas Inc. U.S. Bancorp Investments, Inc. Wells Fargo Securities, LLC SunTrust Robinson Humphrey, Inc. | |
| Co-Managers |
PNC Capital Markets LLC BMO Capital Markets Corp. Merrill Lynch, Pierce, Fenner & Smith Incorporated BB&T Capital Markets, a division of BB&T Securities, LLC BBVA Securities Inc. Citizens Capital Markets, Inc. TD Securities (USA) LLC The Williams Capital Group, L.P. | |
| Pro Forma Ratio of Earnings to Fixed Charges |
Nine months ended September 30, 2017 |
Year ended December 31, 2016 | ||
| Pro forma ratio of earnings to fixed charges |
7.0 | 7.8 |
*Note: Security ratings reflect the views of the rating agency only. An explanation of the significance of these ratings may be obtained from the rating agency. Such ratings are not a recommendation to buy, sell or hold securities, but rather an indication of creditworthiness. Any rating can be revised upward or downward or withdrawn at any time by a rating agency if it decides that the circumstances warrant the change. Each rating should be evaluated independently of any other rating.
The issuer has filed a registration statement (including a preliminary prospectus supplement and accompanying prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement for this offering, the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it by calling J.P. Morgan Securities LLC collect 212-834-4533, MUFG Securities Americas Inc. toll free at 877-649-6848, U.S. Bancorp Investments, Inc. toll-free at 877-558-2607, or Wells Fargo Securities, LLC toll-free at 800-645-3751.