Illinois Tool Works has raised $1 billion in a two-part sale of notes in the 144a private placements market, The Wall Street Journal reports. The company appointed Bank of America and JP Morgan as joint bookrunners for the deal. The $350 million notes sold in the first tranche carry a coupon rate of 3.375% and are scheduled to mature on Sept.15, 2021, adds Reuters. The second tranche of $650 million notes, with a coupon rate of 4.875%, are due on Sept.15, 2041. The diversified manufacturer of engineered products will use the proceeds to repay short-term debt, including commercial paper and for general corporate purposes.

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