Published on 4/21/2021 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble sells $2 billion of fixed-rate notes in two tranches
By Wendy Van Sickle
Columbus, Ohio, April 21 – Procter & Gamble Co. sold $2 billion of senior notes (Aa3/AA-) in two tranches on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
A $1 billion tranche of 1% five-year notes priced at 99.961 to yield 1.008%, or a spread of 20 basis points over Treasuries.
Procter & Gamble sold $1 billion of 1.95% 10-year notes at 99.639 to yield 1.99%, or a Treasuries plus 42 bps spread.
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 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., BNP Paribas Securities Corp., Fifth Third Securities, Inc., ING Financial Markets LLC, PNC Capital Markets LLC and Siebert Williams Shank & Co., LLC
|
| Trade date: | April 21
|
| Settlement date: | April 23
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 23, 2026
|
| Coupon: | 1%
|
| Price: | 99.961
|
| Yield: | 1.008%
|
| Spread: | Treasuries plus 20 bps
|
| Call features: | Make-whole call at Treasuries plus 5 bps
|
|
|
| 10-year notes
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| Amount: | $1 billion
|
| Maturity: | April 23, 2031
|
| Coupon: | 1.95%
|
| Price: | 99.639
|
| Yield: | 1.99%
|
| Spread: | Treasuries plus 42 bps
|
| Call features: | Make-whole call at Treasuries plus 7.5 bps
|
|
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