Obbligazione Walton Inc. 3.3% ( US931142DP52 ) in USD

Emittente Walton Inc.
Prezzo di mercato 100 USD  ▲ 
Paese  Stati Uniti
Codice isin  US931142DP52 ( in USD )
Tasso d'interesse 3.3% per anno ( pagato 2 volte l'anno)
Scadenza 21/04/2024 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Walmart Inc US931142DP52 in USD 3.3%, scaduta


Importo minimo 2 000 USD
Importo totale 1 500 000 000 USD
Cusip 931142DP5
Standard & Poor's ( S&P ) rating AA ( High grade - Investment-grade )
Moody's rating Aa2 ( High grade - Investment-grade )
Descrizione dettagliata Walmart Inc. è una multinazionale americana della grande distribuzione, leader mondiale nel settore retail con attività che includono ipermercati, supermercati, e-commerce e altri servizi.

The Obbligazione issued by Walton Inc. ( United States ) , in USD, with the ISIN code US931142DP52, pays a coupon of 3.3% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 21/04/2024

The Obbligazione issued by Walton Inc. ( United States ) , in USD, with the ISIN code US931142DP52, was rated Aa2 ( High grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Walton Inc. ( United States ) , in USD, with the ISIN code US931142DP52, was rated AA ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







Prospectus Supplement
http://www.sec.gov/Archives/edgar/data/104169/000119312514146071/...
424B2 1 d711584d424b2.htm PROSPECTUS SUPPLEMENT
Table of Contents
Filed pursuant to Rule 424(b)(2)
SEC File No. 333-178706


Title of Each Class of Securities
Maximum Aggregate
Amount of
to be Registered

Offering Price

Registration Fee(1)(2)
Debt Securities

$2,489,535,000

$320,652.11

(1) Calculated in accordance with Rule 457(r) under the Securities Act of 1933.

(2) This "Calculation of Registration Fee" table shall be deemed to update the "Calculation of Registration Fee" table in the
Company's Registration Statement on Form S-3 (File No. 333-178706) in accordance with Rules 456(b) and 457(r) under the
Securities Act of 1933.
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Prospectus Supplement
(To Prospectus dated December 22, 2011)
OTES
UE
OTES
UE
OTES
UE


We are offering $500,000,000 of our 1.000% notes due 2017, $1,000,000,000 of our 3.300% notes due 2024 and
$1,000,000,000 of our 4.300% notes due 2044.
We will pay interest on the 2017 notes on April 21 and October 21 of each year, beginning on October 21, 2014, and we will
pay interest on the 2024 notes and on the 2044 notes on April 22 and October 22 of each year, beginning on October 22, 2014.
Interest on the notes of each series will accrue from April 22, 2014 at the annual interest rate shown above for that series. The 2017
notes will mature on April 21, 2017; the 2024 notes will mature on April 22, 2024; and the 2044 notes will mature on April 22, 2044.
The notes of each series will be our senior unsecured debt obligations, will rank equally with our other senior unsecured
indebtedness and will not be convertible or exchangeable. The 2017 notes will not be redeemable prior to maturity. The 2024 notes
and the 2044 notes will be redeemable, in whole or in part, at our option at any time before January 22, 2024, in the case of the 2024
notes, and at any time before October 22, 2043, in the case of the 2044 notes, at the applicable "make-whole" redemption price
determined as described under the heading "Description of the Notes--Optional Redemption of the 2024 Notes and the 2044 Notes"
beginning on page S-8 of this prospectus supplement, and at any time on or after January 22, 2024, in the case of the 2024 notes, and
at any time on or after October 22, 2043, in the case of the 2044 notes, at a redemption price equal to 100% of the principal amount of
the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.


Neither the Securities and Exchange Commission nor any regulatory body has approved or disapproved of these
securities or passed on the accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any
representation to the contrary is a criminal offense.



Per
Per
Per


2017 Note

2024 Note

2044 Note

Total

Public offering price

99.985%

99.612%

99.349%

$2,489,535,000
Underwriting discount

0.250%

0.450%

0.875%

$
14,500,000
Proceeds, before expenses, to Wal-Mart
Stores, Inc.

99.735%

99.162%

98.474%

$2,475,035,000


The notes will not be listed for trading on any securities exchange. Currently, there is no public market for the notes of any
series.
The underwriters expect to deliver the notes in book-entry form only through the facilities of The Depository Trust Company and
its participants, including Clearstream Banking, société anonyme and Euroclear Bank SA/NV, against payment on or about April 22,
2014.
Joint Book-Running Managers

Citigroup

Goldman, Sachs & Co.

J.P. Morgan
BBVA

Mitsubishi UFJ Securities

Mizuho Securities
Senior Co-Managers

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Barclays

BNP PARIBAS

BofA Merrill Lynch


Credit Suisse
Deutsche Bank Securities

HSBC

Morgan Stanley
RBS
Wells Fargo Securities
Co-Managers

BNY Mellon Capital Markets, LLC

Loop Capital Markets
Popular Securities, LLC

Santander
Scotiabank

Standard Chartered Bank
TD Securities

US Bancorp
April 15, 2014
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TABLE OF CONTENTS

Prospectus Supplement



Page
Wal-Mart Stores, Inc.
S-3

Recent Developments
S-3

Use of Proceeds
S-5

Capitalization
S-5

Selected Financial Data
S-6

Ratio of Earnings to Fixed Charges
S-6

Description of the Notes
S-7

Book-Entry Issuance
S-11
Tax Consequences to Holders
S-11
Underwriting
S-12
Validity of the Notes
S-16
Experts
S-16
General Information
S-16
Prospectus

About this Prospectus
2

Where You Can Find More Information
3

Incorporation of Information by Reference
4

Cautionary Statement Regarding Forward-Looking Statements
5

Wal-Mart Stores, Inc.
8

Ratio of Earnings to Fixed Charges
9

Use of Proceeds
9

Description of the Debt Securities
10

Book Entry Issuance
26

U.S. Federal Income Tax Considerations
32

Plan of Distribution
42

Legal Matters
45

Experts
45



You should rely on the information contained in this prospectus supplement and contained in or incorporated by reference into
the accompanying prospectus in evaluating, and deciding whether to make, an investment in the notes. No one has been authorized to
provide you with different information. If this prospectus supplement is inconsistent with the accompanying prospectus, you should
rely on the information contained in this prospectus supplement.
This prospectus supplement and the accompanying prospectus may only be used in connection with the offering of the notes.
The distribution of this prospectus supplement and the accompanying prospectus and the offering or sale of the notes in some
jurisdictions may be restricted by law. We and the underwriters require persons into whose possession this prospectus supplement
and the accompanying prospectus come to inform themselves about and to observe any applicable restrictions. This prospectus
supplement and the accompanying prospectus may not be used for or in connection with an offer or solicitation by any person in any
jurisdiction in which that offer or solicitation is not authorized or delivered to any person to whom it is unlawful to make that offer or
solicitation. See "Underwriting" in this prospectus supplement.
In connection with the offering of the notes, the joint book-running managers and their respective affiliates may over-allot or
otherwise effect transactions that stabilize or maintain the market price of the notes of one or more series at levels above those that
might otherwise prevail in the open market. Such transactions may be effected in the over-the-counter markets or otherwise.
Stabilization, if commenced, may be discontinued at any time without notice as to the notes of any or all series.
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WAL-MART STORES, INC.
We are the world's largest retailer, with total net sales of $473.1 billion in our fiscal year ended January 31, 2014. We operate
retail stores in various formats under 71 different banners in 27 countries and e-commerce websites in 10 countries. Employing
approximately 2.2 million associates around the world, we serve our customers and members primarily through the operation of three
business segments:

· our Walmart U.S. segment, which includes our supercenters, discount stores and Neighborhood Markets and other small

format stores in the United States, as well as that segment's online retail operations at walmart.com;

· our International segment, which includes our operations outside of the United States and operates a variety of retail

formats, wholesale clubs, including Sam's Clubs, restaurants, banks and various retail websites; and

· our Sam's Club segment, which includes our warehouse membership clubs in the United States, as well as that segment's

online operations, samsclub.com.
We currently operate in all 50 states of the United States, in Argentina, Brazil, Canada, China, India, Japan, and the United
Kingdom, through majority-owned subsidiaries in 12 countries in Africa, Chile, China, five countries in Central America, and
Mexico, and through joint ventures and other controlled subsidiaries in China.
As of January 31, 2014, our Walmart U.S. segment operated a total of 4,203 units in the United States, including:


· 3,288 supercenters;


· 508 discount stores; and


· 407 Neighborhood Markets and other small format stores.
As of January 31, 2014, our Sam's Club segment operated 632 Sam's Clubs in the United States.
As of January 31, 2014, Walmart International operated a total of 6,107 units, including 379 units in Africa, 104 units in
Argentina, 556 units in Brazil, 389 units in Canada, 661 units in Central America, 380 units in Chile, 405 units in China, 20 units in
India, 438 units in Japan, 2,199 units in Mexico, and 576 units in the United Kingdom.
Wal-Mart Stores, Inc. is the parent company of, and conducts a substantial part of its operations through, a group of subsidiary
companies, including Wal-Mart.com, Inc., Wal-Mart Stores East, LP, Wal-Mart Stores Texas, LLC, Wal-Mart Property Company,
Wal-Mart Real Estate Business Trust, Sam's West, Inc., Sam's East, Inc., Sam's Property Company, Sam's Real Estate Business Trust,
ASDA Group Limited, Wal-Mart de Mexico, S.A.B. de C.V., Wal-Mart Canada Corp., Wal-Mart Japan Holdings G.K., Walmart Chile
S.A. and Massmart Holdings Ltd. The information presented above relates to our operations and our subsidiaries on a consolidated
basis.
RECENT DEVELOPMENTS
On April 8, 2014, we sold 850,000,000 aggregate principal amount of our 1.900% Notes Due 2022 (the "2022 Notes") and
650,000,000 aggregate principal amount of our 2.550% Notes Due 2026 (the "2026 Notes") in an underwritten, SEC-registered
public offering. Both series of securities, which are also our senior unsecured debt obligations, have been listed for trading on the
New York Stock Exchange.
The 2022 Notes were sold to the public at a price equal to 99.706% of their aggregate principal amount (844,101,000 in net
proceeds after the underwriting discount, but before transaction expenses, which is the

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equivalent of $1,160,892,105, calculated based on the noon buying rate in New York City on March 28, 2014 for cable transfers in
foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York and reported by the Board of
Governors of the Federal Reserve System (the "March 28, 2014 Exchange Rate"). The 2026 Notes were sold to the public at a price
equal to 99.551% of their aggregate principal amount (643,831,500 in proceeds after the underwriting discount, but before
transaction expenses, which is the equivalent of $885,461,462, calculated based on the March 28, 2014 Exchange Rate). The
aggregate net proceeds to the Company from the sale of the 2022 Notes and the 2026 Notes, after the underwriting discount, but
before transaction expenses, were an aggregate of 1,487,932,500, which is the equivalent of $2,046,353,567, calculated based on
the March 28, 2014 Exchange Rate.

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USE OF PROCEEDS
We estimate that the net proceeds from the sale of the notes, after underwriting discounts and payment of transaction expenses,
will be approximately $2,474,560,000. We will use the net proceeds from the sale of the notes for general corporate purposes. The
general corporate purposes for which we may use the net proceeds may include, among other uses, repurchases of our common stock,
repayment, refinancing or replacement of maturing debt, additions to working capital, future acquisitions and other capital
expenditures.
CAPITALIZATION
The following table presents the consolidated capitalization of Wal-Mart Stores, Inc. and its consolidated subsidiaries as of
January 31, 2014 and as of that date as adjusted to give effect to the offering and sale of the notes being offered hereby and to give
effect to the sale, on April 8, 2014, of 850,000,000 principal amount of our 1.900% notes due 2022 and 650,000,000 principal
amount of our 2.550% notes due 2026. The amount in the "as adjusted" column of the table below for the 1.900% notes due 2022 and
for the 2.550% notes due 2026 is the dollar equivalent of the aggregate principal amount of the outstanding notes of each such series,
translated from euro to U.S. dollars using the exchange rate of 1.00 = $1.3500 on January 31, 2014, based on the noon buying rate in
New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York
and reported by the Federal Reserve Board.



January 31, 2014



Actual
As Adjusted


(in millions)

Short-term debt


Short-term borrowings

$ 7,670
$
7,670
Long-term debt due within one year

4,103


4,103

Obligations under capital leases due within one year

309


309









Total short-term debt and capital lease obligations

12,082


12,082









Long-term debt


1.000% notes due 2017


--
500

3.300% notes due 2024


--
1,000

4.300% notes due 2044


--
1,000

1.900% notes due 2022


--
1,148

2.550% notes due 2026


--
878

Other long-term debt

41,771


41,771

Long-term obligations under capital leases

2,788


2,788









Total long-term debt and capital lease obligations

44,559


49,085








Shareholders' equity


Common stock and capital in excess of par value

2,685


2,685

Retained earnings

76,566


76,566

Accumulated other comprehensive loss

(2,996)

(2,996)








Total Walmart shareholders' equity

76,255


76,255









Total debt and capital lease obligations and total Walmart shareholders' equity

$132,896
$ 137,422








We are offering the notes pursuant to our automatic shelf registration statement on file with the SEC (Registration
No. 333-178706), of which this prospectus supplement and the accompanying prospectus are deemed to be a part. No limit exists on
the amount of our debt securities that we may offer and sell pursuant to that shelf registration statement in the future.

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SELECTED FINANCIAL DATA
The following table presents selected financial data of Wal-Mart Stores, Inc. and its consolidated subsidiaries for the fiscal
years and as of the dates specified.



Fiscal Years Ended January 31,



2014

2013

2012

2011

2010



(dollars in millions, except per share data)

Income Statement Data:





Total revenues
$476,294 $468,651 $446,509 $421,395 $407,697
Net sales
473,076 465,604 443,416 418,500 404,743
Operating income
26,872

27,725

26,491

25,508

23,969

Income from continuing operations attributable to Walmart
15,918

16,963

15,734

15,340

14,433

Diluted income per common share from continuing operations attributable
to Walmart
4.85

5.01

4.53

4.18

3.72

Dividends paid per share
1.88

1.59

1.46

1.21

1.09



As of January 31,



2014

2013

2012

2011

2010



(dollars in millions)

Balance Sheet Data:

Inventories
$ 44,858 $ 43,803 $ 40,714 $ 36,437 $ 32,713
Property, equipment and capital lease assets, net
117,907 116,681 112,324 107,878 102,307
Total assets(1)
204,751 203,105 193,406 180,782 170,407
Long-term debt and long-term obligations under capital leases (excluding
amounts due within one year)
44,559

41,417

47,079

43,842

36,401

Total Walmart shareholders' equity
76,255

76,343

71,315

68,542

70,468

(1) Includes $460 million, $37 million, $89 million, $131 million and $140 million of assets of discontinued operations as of
January 31, 2014, 2013, 2012, 2011 and 2010, respectively.
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of our earnings to fixed charges for the periods indicated, which are calculated as
described in the accompanying prospectus under "Ratio of Earnings to Fixed Charges." The following table supersedes the table
showing the ratios of earnings to fixed charges set forth under "Ratio of Earnings to Fixed Charges" in the accompanying prospectus.

Fiscal Years Ended January 31,

2014
2013
2012
2011
2010
8.1x
8.8x
8.4x
8.8x
8.8x

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DESCRIPTION OF THE NOTES
The following description of the terms and conditions of the notes supplements the description of the more general terms
and conditions of Walmart's debt securities contained in the accompanying prospectus.
The notes of each series will be issued under and pursuant to the indenture dated as of July 19, 2005, as supplemented, between
us and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2017 notes, the 2024 notes and the 2044 notes are each a
separate series of notes under the indenture. The notes of each series will be issued in registered book-entry form without interest
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The notes of each series will constitute our
senior unsecured debt obligations and will rank equally among themselves and with all of our other existing and future senior
unsecured debt.
The 2017 notes will mature on April 21, 2017; the 2024 notes will mature on April 22, 2024; and the 2044 notes will mature on
April 22, 2044. Unless previously purchased and cancelled or, in the case of the 2024 notes or the 2044 notes, redeemed prior to
maturity, we will repay the notes of each series at 100% of their principal amount, together with accrued and unpaid interest thereon,
at their maturity. We will pay principal of and interest on the notes in U.S. dollars.
The 2017 notes will be initially issued in an aggregate principal amount of $500,000,000; the 2024 notes will be initially issued
in an aggregate principal amount of $1,000,000,000; and the 2044 notes will be initially issued in an aggregate principal amount of
$1,000,000,000. We may, without the consent of the holders of the notes of a series, create and issue additional notes of that series
ranking equally with and otherwise similar in all respects to the notes of that series (except for the public offering price and the issue
date) so that those additional notes will be consolidated and form a single series with the other outstanding notes of that series that we
are offering hereby, provided, however, any additional notes of a series that are not fungible with the outstanding notes of that series
for U.S. federal income tax purposes will be issued under a separate CUSIP number. No additional notes of a series may be issued if
an event of default under the indenture has occurred and is continuing.
The notes of each series will bear interest from April 22, 2014 at the annual interest rate specified for notes of that series on the
cover page of this prospectus supplement. Interest on the 2017 notes will be payable semi-annually in arrears on April 21 and
October 21 of each year during the term of the 2017 notes, beginning on October 21, 2014. Interest on the 2024 notes and the 2044
notes will be payable semi-annually in arrears on April 22 and October 22 of each year during the term of the notes of each such
series, beginning on October 22, 2014. Interest on each note will be payable to the person in whose name the note is registered at the
close of business on the April 7 or October 7 immediately preceding the applicable interest payment date, in the case of the 2017
notes, and at the close of business on the April 8 or October 8 immediately preceding the applicable interest payment date, in the case
of the 2024 notes and the 2044 notes. Interest on the notes of each series will be computed on the basis of a 360-day year consisting
of twelve 30-day months.
We will not pay to beneficial owners of notes of a series who are non-U.S. persons any additional amounts in the event of
deduction or withholding of taxes, assessments or other governmental charges imposed by the United States or any taxing authority
thereof or therein. The provisions set forth under "Description of the Debt Securities--Payment of Additional Amounts" in the
accompanying prospectus thus will not apply to the 2017 notes, the 2024 notes or the 2044 notes.
None of the 2017 notes, the 2024 notes and the 2044 notes will be subject to a sinking fund or will be convertible into or
exchangeable for any other securities. The 2017 notes will not be redeemable prior to maturity. The 2024 notes and the 2044 notes
will be redeemable, in whole or in part, at our option at any time before January 22, 2024, in the case of the 2024 notes, and at any
time before October 22, 2043, in the case of the 2044 notes, at the applicable "make-whole" redemption price determined as
described under the heading

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"--Optional Redemption of the 2024 Notes and the 2044 Notes" below and at any time on or after January 22, 2024, in the case of the
2024 notes, and at any time on or after October 22, 2043, in the case of the 2044 notes, at a redemption price equal to 100% of the
principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
We may redeem the 2024 notes beginning three months prior to the maturity of such 2024 notes and we may redeem the 2044
notes beginning six months prior to maturity of such 2044 notes. See "--Redemption Rights Relating to the 2024 Notes and 2044
Notes" below.
The notes of each series will be subject to defeasance as described in the accompanying prospectus.
If any interest payment date for the notes of a series would otherwise be a day that is not a business day, then the interest
payment date for notes of that series will be postponed to the following date that is a business day. Interest will not accrue as a result
of any such postponed payment. The term "business day" means any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in New York, New
York.
Notices to holders of the notes of a series will be mailed to such holders. Any notice shall be deemed to have been given on the
date of mailing. So long as the notes of a series are in book-entry form and registered in the name of The Depository Trust Company
("DTC") or its nominee, any notices required to be given to the holders of those notes will be given to DTC. You will not receive
notices regarding the notes directly from us unless we reissue the notes to you in fully certificated form.
Optional Redemption of the 2024 Notes and the 2044 Notes
At any time prior to January 22, 2024, in the case of the 2024 notes, and at any time prior to October 22, 2043, in the case of the
2044 notes, we may redeem such notes at our option, either as a whole or in part, at a redemption price equal to the greater of:

· 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, and
· the sum of the present values of the Remaining Scheduled Payments, plus accrued and unpaid interest to, but excluding, the

redemption date.
In determining the present value of the Remaining Scheduled Payments, we will discount such payments to the redemption date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Applicable
Treasury Rate plus, in the case of the 2024 notes, 12.5 basis points, and, in the case of the 2044 notes, 15 basis points.
The term "Applicable Treasury Rate" means with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue. In determining this rate, we will assume a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
The term "Comparable Treasury Issue" means the United States Treasury security selected by an Independent Investment Banker
as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing a new issue of corporate debt securities of comparable maturity to the
remaining term of such Notes.
The term "Independent Investment Banker" means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. or J.P. Morgan
Securities LLC and their respective successors as may be appointed from time to time by us; provided, however, that if any of the
foregoing firms shall cease to be a primary U.S. Government securities dealer (a "Primary Treasury Dealer"), we will substitute
another Primary Treasury Dealer for such firm.

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