By Andrea Heisinger
New York, Dec. 8 - Church & Dwight Co., Inc. priced $250 million of 3.35% five-year senior notes on Wednesday at a spread of Treasuries plus 150 basis points, a syndicate source said.
The notes (Baa3/BBB-/) were priced at 99.868 to yield 3.379%.
The notes have a make-whole call of 25 bps over Treasuries and feature a change-of-control put at 101%.
Bookrunners were Bank of America Merrill Lynch and Deutsche Bank Securities Inc.
HSBC Securities USA Inc., Mitsubishi UFJ Securities (USA) Inc. and PNC Capital Markets LLC were the senior co-managers.
Co-managers were RBS Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
Proceeds will be used to redeem $250 million of 6% senior subordinated notes due 2012, with any remainder for general corporate purposes.
The household, personal care and specialty products maker is based in Princeton, N.J.
| Issuer: | Church & Dwight Co., Inc.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Dec. 15, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc.
|
| Senior co-managers: | HSBC Securities USA Inc., Mitsubishi UFJ Securities (USA) Inc., PNC Capital Markets LLC
|
| Co-managers: | RBS Securities Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Coupon: | 3.35%
|
| Price: | 99.868
|
| Yield: | 3.379%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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