By Devika Patel
Knoxville, Tenn., March 24 – Procter & Gamble Co. offered further details about a $5 billion sale of senior notes (Aa3/AA-) that priced in five tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
A $750 million tranche of 2.45% five-year notes priced at a spread of 210 basis points over Treasuries. These notes priced at 99.841 to yield 2.484%.
Initial price talk was in the Treasuries plus 245 bps area.
Procter & Gamble sold $500 million of 2.8% seven-year notes at a spread of 220 bps over Treasuries. These notes priced at 99.748 to yield 2.84%. The notes were talked to price in the Treasuries plus 250 bps area.
A $1.5 billion tranche of 3% 10-year notes was sold at a spread of 225 bps over Treasuries, compared to talk in the 255 bps area. These notes priced at 99.76 to yield 3.028%.
The company priced $1 billion of 3.55% 20-year notes at a Treasuries plus 220 bps spread. These notes priced at 99.503 to yield 3.585%. The notes were initially talked at a 250 bps spread area.
Finally, $1.25 billion of 3.6% 30-year notes priced at a spread of 225 bps over Treasuries, versus initial price talk at the Treasuries plus 260 bps area. These notes priced at 99.364 to yield 3.635%.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The consumer products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Amount: | $5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Senior co-managers: | Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
|
| Co-managers: | BofA Securities, Inc., Barclays, BBVA Securities Inc., MUFG, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc., ING Financial Markets LLC, Siebert Williams Shank & Co., LLC, Wells Fargo Securities, LLC, Fifth Third Securities, Inc. and PNC Capital Markets LLC
|
| Trade date: | March 23
|
| Settlement date: | March 25
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | March 25, 2025
|
| Coupon: | 2.45%
|
| Price: | 99.841
|
| Yield: | 2.484%
|
| Spread: | Treasuries plus 210 bps
|
| Call: | Greater of a make-whole call at Treasuries plus 35 bps and a par call
|
| Price guidance: | Treasuries plus 245 bps area
|
|
|
| Seven-year notes
|
| Amount: | $500 million
|
| Maturity: | March 25, 2027
|
| Coupon: | 2.8%
|
| Price: | 99.748
|
| Yield: | 2.84%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Greater of a make-whole call at Treasuries plus 35 bps and a par call
|
| Price guidance: | Treasuries plus 250 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 25, 2030
|
| Coupon: | 3%
|
| Price: | 99.76
|
| Yield: | 3.028%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Greater of a make-whole call at Treasuries plus 35 bps and a par call
|
| Price guidance: | Treasuries plus 255 bps area
|
|
|
| 20-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 25, 2040
|
| Coupon: | 3.55%
|
| Price: | 99.503
|
| Yield: | 3.585%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Greater of a make-whole call at Treasuries plus 35 bps and a par call
|
| Price guidance: | Treasuries plus 250 bps area
|
|
|
| 30-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 25, 2050
|
| Coupon: | 3.6%
|
| Price: | 99.364
|
| Yield: | 3.635%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Greater of a make-whole call at Treasuries plus 35 bps and a par call
|
| Price guidance: | Treasuries plus 260 bps area
|
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