Published on 1/27/2022 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble sells $1.85 billion of five-, 10-year senior notes
By Wendy Van Sickle
Columbus, Ohio, Jan. 27 – Procter & Gamble Co. sold $1.85 billion of senior notes (Aa3/AA-) in two tranches on Thursday, according to an FWP filing with the Securities and Exchange Commission.
A $1 billion tranche of 1.9% five-year notes priced at 99.858 to yield 1.93%, or a spread of 27 basis points over Treasuries.
Procter & Gamble sold $850 million of 2.3% 10-year notes at 99.929 to yield 2.308%, or a Treasuries plus 50 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: | $1.85 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities, Inc. and HSBC Securities (USA) Inc.
|
| Senior co-managers: | Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| 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: | Jan. 27
|
| Settlement date: | Feb. 1
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 1, 2027
|
| Coupon: | 1.9%
|
| Price: | 99.858
|
| Yield: | 1.93%
|
| Spread: | Treasuries plus 27 bps
|
| Call features: | Make-whole call at Treasuries plus 5 bps
|
| Cusip: | 742718FV6
|
|
|
| 10-year notes
|
| Amount: | $850 million
|
| Maturity: | Feb. 1, 2032
|
| Coupon: | 2.3%
|
| Price: | 99.929
|
| Yield: | 2.308%
|
| Spread: | Treasuries plus 50 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps
|
| Cusip: | 742718FW4
|
|
|
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