By Andrea Heisinger
New York, April 29 - Colgate-Palmolive Co. on Monday sold an upsized $800 million of notes (Aa3/AA-/AA-) in two parts, a source close to the trade said.
The total size was increased from $700 million.
There was $400 million of 0.9% five-year notes priced at 99.523 to yield 0.998% with a spread of Treasuries plus 32 basis points. Talk was in the mid 40 bps area.
There is a make-whole call at Treasuries plus 5 bps.
The other tranche was $400 million of 2.1% 10-year notes sold at 98.505 to yield 2.268% with a spread of 60 bps over Treasuries. The notes were talked in the high 60 bps area, the source said.
The tranche has a make-whole call at 10 bps over Treasuries.
Bookrunners were BofA Merrill Lynch, BNP Paribas Securities Corp. and Citigroup Global Markets Inc.
The New York City-based consumer products company was last in the U.S. bond market with a $500 million offering of 1.95% notes due 2023 priced at 58 bps over Treasuries on July 27, 2012.
| Issuer: | Colgate-Palmolive Co.
|
| Issue: | Notes
|
| Amount: | $800 million, upsized from $700 million
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc.
|
| Trade date: | April 29
|
| Settlement date: | May 2
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | May 1, 2018
|
| Coupon: | 0.9%
|
| Price: | 99.523
|
| Yield: | 0.998%
|
| Spread: | Treasuries plus 32 bps
|
| Call: | Make-whole at Treasuries plus 5 bps
|
| Price talk: | Mid 40 bps area
|
|
|
| 10-year notes
|
| Amount: | $400 million
|
| Maturity: | May 1, 2023
|
| Coupon: | 2.1%
|
| Price: | 98.505
|
| Yield: | 2.268%
|
| Spread: | Treasuries plus 60 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Price talk: | High 60 bps area
|
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