Procter & Gamble to price floating-rate notes due 2072

By William Gullotti

Buffalo, N.Y., Feb. 3 – Procter & Gamble is planning to price an offering of floating-rate notes due Feb. 8, 2072, according to a 424B5 filed with the Securities and Exchange Commission.

The notes will bear interest at SOFR minus 40 basis points with a floor of 0%.

The notes will be callable at any time for taxation purposes at par plus interest. Additionally, the company may redeem some or all of the notes early beginning Feb. 8, 2052. The redemption price starts at 105, plus interest, and decreases by 50 bps annually until reaching par in 2062.

Noteholders will be able to put the notes on an annual basis from Feb. 8, 2023 up to and including Feb. 8, 2033. The redemption price for put notes will be 98 for the first five years, stepping up to 99 for the next five and reaching par in 2033. After 2033, noteholders will only be able to exercise their put option every three years.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC are the joint bookrunning managers.

Fried, Frank, Harris, Shriver & Jacobson LLP acted as counsel to the issuer and the underwriters.

Proceeds from the offering will be used for general corporate purposes.

Procter & Gamble is a Cincinnati-based consumer products company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.