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NEW BRITAIN, Conn. - Tool maker Stanley Works said Monday it closed an offering of senior notes worth $250 million and will use the proceeds to pay debt and fund general purposes.
| SWK | 26.24 |  0.86 |
The offering involved 6.15 percent senior notes due 2013. The price to investors was 99.804 percent of the principal amount of the notes for an effective yield of 6.196 percent.
Banc of America Securities LLC and Citigroup Global Markets Inc. acted as joint book-running managers for the offering.
Shares of The Stanley Works fell $4.15, or 9.3 percent, to close at $40.55.
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