Published on 10/27/2020 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble prices $2.25 billion of fixed-rate senior notes in two tranches
By Cristal Cody
Tupelo, Miss., Oct. 27 – Procter & Gamble Co. sold $2.25 billion of senior notes (Aa3/AA-) in two tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
A $1 billion tranche of 0.55% five-year notes priced at 99.838 to yield 0.583%, or a spread of 25 basis points over Treasuries.
Initial talk was in the Treasuries plus 40 bps to 45 bps area.
Procter & Gamble sold $1.25 billion of 1.2% 10-year notes at 99.55 to yield 1.248%, or a Treasuries plus 47 bps spread.
Price talk was in the Treasuries plus 70 bps area.
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. 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: | $2.25 billion
|
| Description: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC
|
| Senior co-managers: | Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
|
| Co-managers: | BofA Securities, Inc., Barclays, BBVA Securities Inc., MUFG, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc., Fifth Third Securities, Inc., ING Financial Markets LLC, PNC Capital Markets LLC and Siebert Williams Shank & Co., LLC
|
| Trade date: | Oct. 27
|
| Settlement date: | Oct. 29
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Oct. 29, 2025
|
| Coupon: | 0.55%
|
| Price: | 99.838
|
| Yield: | 0.583%
|
| Spread: | Treasuries plus 25 bps
|
| Call features: | Make-whole call at Treasuries plus 5 bps
|
| Price guidance: | Treasuries plus 40 bps-45 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Oct. 29, 2030
|
| Coupon: | 1.2%
|
| Price: | 99.55
|
| Yield: | 1.248%
|
| Spread: | Treasuries plus 47 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps
|
| Price guidance: | Treasuries plus 70 bps area
|
|
|
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