By Andrea Heisinger
New York, Oct. 29 - Colgate-Palmolive Co. sold $438 million of notes (Aa3/AA-/AA-) mid-afternoon Friday, according to a source who worked on the sale.
A $188 million tranche of 1.375% five-year notes priced at 99.248 to yield 1.532% with a spread of 38 basis points over Treasuries. The notes priced at the tight end of guidance in the 40 bps area, plus or minus 2 bps.
The five-year notes have a make-whole call of Treasuries plus 5 bps.
A $250 million tranche of 2.95% 10-year notes sold at 98.33 to yield 3.146% with Treasuries plus 53 bps spread. This tranche also priced at the tight end of talk in the 55 bps area, plus or minus 2 bps.
The 10-year notes have a make-whole call at Treasuries plus 10 bps.
Bookrunners for the five-year notes were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBS Securities Inc.
The 10-year notes had bookrunners Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets and Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. Co-managers were HSBC Securities (USA) Inc. and Williams Capital Group LP.
Proceeds are going to retire commercial paper and for general corporate purposes, the source said.
The household, health care and personal products company is based in New York City.
| Issuer: | Colgate-Palmolive Co.
|
| Issue: | Senior notes
|
| Amount: | $438 million
|
| Trade date: | Oct. 29
|
| Settlement date: | Nov. 3
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
|
|
| Five-year notes
|
| Amount: | $188 million
|
| Maturity: | Nov. 1, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., RBS Securities Inc.
|
| Coupon: | 1.375%
|
| Price: | 99.248
|
| Yield: | 1.532%
|
| Spread: | Treasuries plus 38 bps
|
| Call: | Make-whole at Treasuries plus 5 bps
|
| Price talk: | 40 bps area, plus or minus 2 bps
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | Nov. 1, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc.
|
| Co-managers: | HSBC Securities (USA) Inc., Williams Capital Group LP
|
| Coupon: | 2.95%
|
| Price: | 98.33
|
| Yield: | 3.146%
|
| Spread: | Treasuries plus 53 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Price talk: | 55 bps area, plus or minus 2 bps
|
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