Procter & Gamble to sell floating-rate notes due 2073

By Mary-Katherine Stinson

Lexington, Ky., Jan. 27 – Procter & Gamble Co. plans to sell floating-rate notes due Feb. 3, 2073, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will bear interest at SOFR minus 45 basis points.

The notes are redeemable at the company’s option beginning Feb. 3, 2053. The redemption price is tiered starting at 105 and ending at par in 2063 with a drop of 50 basis points each year.

The notes are putable annually from Feb. 3, 2024 to Feb. 3, 2028 at 98. From Feb. 3, 2029 to Feb. 3, 2033, the notes are putable annually at 99. Starting Feb. 3, 2034 and every third year thereafter on Feb. 3, noteholders may redeem the notes at par.

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

Deutsche Bank Trust Co. Americas is the trustee.

Procter & Gamble’s in-house counsel and, with respect to matters of New York law, Fried, Frank, Harris, Shriver & Jacobson LLP will act as counsel for the issuer. Fried, Frank, Harris, Shriver & Jacobson will also act as counsel for the underwriters.

The consumer goods company is based in Cincinnati.

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