New Issue: Colgate-Palmolive prices $1.5 billion of notes in three tranches

By Wendy Van Sickle and Cristal Cody

Columbus, Ohio, Feb. 27 – Colgate-Palmolive Co. sold $1.5 billion of notes (Aa3/AA-) in three tranches on Monday, according to an FWP filing with the Securities and Exchange Commission and details from a market source.

A $500 million tranche of 4.8% three-year notes was priced at 99.884 to yield 4.842% with a spread of Treasuries plus 33 basis points. Price talk was in the Treasuries plus 55 bps area.

The $500 million of 4.6% five-year paper sold at 99.898 to yield 4.623%, or 45 bps over Treasuries, versus talk in the 65 bps to 70 bps area.

Finally, there was a $500 million tranche of 4.6% 10-year notes sold at 99.81 to yield 4.624%, or 70 bps over Treasuries. Spread talk was in the 90 bps to 95 bps area.

BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC. and Wells Fargo Securities, LLC are the joint bookrunning managers for the offering.

Proceeds will be used for general corporate purposes, including the retirement of commercial paper.

The consumer products company is based in New York City.

Issuer:	Colgate-Palmolive Co.
Amount:	$1.5 billion
Issue:	Senior notes
Bookrunners:	BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC. and Wells Fargo Securities, LLC
Co-managers:	ANZ Securities, Inc., Barclays, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ICBC Standard Bank plc, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., CastleOak Securities, LP and Siebert Williams Shank & Co., LLC
Trustee:	Bank of New York Mellon
Counsel to issuer:	Hogan Lovells US LLP
Counsel to underwriters:	Mayer Brown LLP
Trade date:	Feb. 27
Settlement date:	March 1
Ratings:	Moody's: Aa3
	S&P: AA-
Distribution:	SEC registered
Three-year notes
Amount:	$500 million
Maturity:	March 2, 2026
Coupon:	4.8%
Price:	99.884
Yield:	4.842%
Spread:	Treasuries plus 33 bps
Call:	Make-whole at Treasuries plus 5 bps
Price talk:	Treasuries plus 55 bps area
Cusip:	194162AQ6
Five-year notes
Amount:	$500 million
Maturity:	March 1, 2028
Coupon:	4.6%
Price:	99.898
Yield:	4.623%
Spread:	Treasuries plus 45 bps
Call:	Make-whole at Treasuries plus 10 bps, par call starting Feb. 1, 2028
Price talk:	Treasuries plus 65 bps to 70 bps area
Cusip:	194162AR4
10-year notes
Amount:	$500 million
Maturity:	March 1, 2033
Coupon:	4.6%
Price:	99.81
Yield:	4.624%
Spread:	Treasuries plus 70 bps
Call:	Make-whole at Treasuries plus 15 bps, par call starting Dec. 1, 2032
Price talk:	Treasuries plus 90 bps to 95 bps area
Cusip:	194162AS2

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