Published on 7/24/2017 in the Prospect News Investment Grade Daily.
New Issue: Colgate-Palmolive prices $500 million 3.7% 30-year notes at 90 bps over Treasuries
By Cristal Cody
Tupelo, Miss., July 24 – Colgate-Palmolive Co. sold $500 million of 3.7% 30-year senior medium-term notes (Aa3/AA-) on Monday at 99.318 and a spread of Treasuries plus 90 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The series H notes priced on the tight side of guidance in the Treasuries plus 92 bps area.
Goldman Sachs & Co., LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the active bookrunners.
Colgate-Palmolive released its second-quarter earnings results on Friday.
Proceeds will be used for general corporate purposes, which includes the retirement of commercial paper.
The consumer products company is based in New York City.
| Issuer: | Colgate-Palmolive Co.
|
| Amount: | $500 million
|
| Description: | Senior medium-term notes
|
| Maturity: | Aug. 1, 2047
|
| Bookrunners: | Goldman Sachs & Co., LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Passive bookrunners: | ANZ Securities, Inc., Barclays, BBVA Securities Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ICBC Standard Bank plc, BofA Merrill Lynch, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Santander Investment Securities Inc., U.S. Bancorp Investments, Inc. and Williams Capital Group, LP
|
| Coupon: | 3.7%
|
| Price: | 99.318
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call before Feb. 1, 2047 at price equal to par or Treasuries plus 15 bps; thereafter at par
|
| Trade date: | July 24
|
| Settlement date: | July 28
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 92 bps area, plus or minus 2 bps
|
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