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Procter & Gamble plans to sell floating-rate notes due 2070
By Devika Patel
Knoxville, Tenn., Nov. 10 – Procter & Gamble Co. intends to sell floating-rate notes due Nov. 16, 2070, according to a 424B5 filed with the Securities and Exchange Commission.
The coupon is Libor minus 45 basis points.
The notes are callable at any time beginning Nov. 16, 2050 at 105, with the price decreasing annually by 50 basis points until it reaches par on Nov. 16, 2060. Thereafter, the notes are callable at par.
The notes are also putable beginning Nov. 16, 2021 and on every Nov. 16 thereafter through Nov. 16, 2031. The notes then become putable on Nov. 16 of every third year.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and UBS Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes.
Procter & Gamble is a Cincinnati-based maker of consumer branded products.
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