By Aleesia Forni
Virginia Beach, Aug. 4 – Colgate-Palmolive Co. sold on Tuesday $600 million of 4% senior medium-term notes, series H, with a spread of 110 basis points over Treasuries, according to a market source and a FWP filed with the Securities and Exchange Commission.
Pricing was at 99.756 to yield 4.014%.
The notes (Aa3/AA-) sold at the tight end of guidance set in the 112.5 bps area over Treasuries. Initial talk was set in the range of Treasuries plus 125 bps to 130 bps.
BofA Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes, which include the retirement of commercial paper.
Colgate-Palmolive is a New York City-based consumer products company.
| Issuer: | Colgate-Palmolive Co.
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| Amount: | $600 million, upsized from $500 million
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| Description: | Senior notes
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| Maturity: | Aug. 15, 2045
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| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
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| Coupon: | 4%
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| Price: | 99.756
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| Yield: | 4.014%
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| Spread: | Treasuries plus 110 bps
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| Trade date: | Aug. 4
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| Settlement date: | Aug. 7
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA-
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| Price guidance: | Treasuries plus 112.5 bps area, tightened from Treasuries plus 125 bps to 130 bps
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| Make-whole call: | Treasuries plus 20 bps
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| Distribution: | SEC-registered
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