By Andrea Heisinger
New York, July 27 - Colgate-Palmolive Co. priced $500 million of 1.95% medium-term notes due 2023 on Friday to yield Treasuries plus 58 basis points, an informed source said.
The deal was priced tighter than initial guidance in the 65 bps area and revised talk in the 60 bps area.
The notes (Aa3/AA-/AA-) were sold at 98.537 to yield 2.106%. There is a make-whole call at Treasuries plus 10 bps.
Bookrunners were HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Co-managers were Bank of America Merrill Lynch, Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., RBS Securities Inc., Wells Fargo Securities LLC and Williams Capital Group LP.
Proceeds will be used to retire commercial paper that was issued for general corporate purposes.
Colgate was last in the market less than three months ago with a similar $500 million sale of 2.3% 10-year notes priced at 58 bps over Treasuries on April 30.
The consumer products company is based in New York City.
| Issuer: | Colgate-Palmolive Co.
|
| Issue: | Medium-term notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 1, 2023
|
| Bookrunners: | HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Co-managers: | Bank of America Merrill Lynch, Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., RBS Securities Inc., Wells Fargo Securities LLC, Williams Capital Group LP
|
| Coupon: | 1.95%
|
| Price: | 98.537
|
| Yield: | 2.106%
|
| Spread: | Treasuries plus 58 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Trade date: | July 27
|
| Settlement date: | Aug. 1
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Price talk: | 65 bps area (initial), 60 bps area (revised)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
