Published on 10/30/2023 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble prices $256.53 million of 50-year floaters at SOFR minus 45 bps
By Wendy Van Sickle
Columbus, Ohio, Oct. 30 – Procter & Gamble Co. priced $256.53 million of senior floating-rate notes due Nov. 1, 2073 at par on Monday to yield SOFR minus 45 basis points, according to a 424B5 filing with the Securities and Exchange Commission.
The notes are redeemable at the company’s option beginning Nov. 1, 2053. The redemption price is tiered starting at 105 with a drop of 50 basis points each year, ending at par in 2063.
The notes are putable annually from Nov. 1, 2024 to Nov. 1, 2028 at 98. From Nov. 1, 2029 to Nov. 1, 2033, the notes are putable annually at 99. Starting Nov. 1, 2034 and every third year thereafter on Nov. 1, noteholders may redeem the notes at par.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC were the joint bookrunning managers.
Proceeds will be used for general corporate purposes.
The consumer products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
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| Amount: | $256,534,000
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| Issue: | Senior floating-rate notes
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| Maturity: | Nov. 1, 2073
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| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC
|
| Trustee: | Deutsche Bank Trust Co. Americas
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| Counsel to issuer: | In-house and Fried, Frank, Harris, Shriver & Jacobson LLP (New York law)
|
| Counsel to underwriters: | Fried, Frank, Harris, Shriver & Jacobson LLP
|
| Coupon: | SOFR minus 45 bps
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| Price: | Par
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| Yield: | SOFR minus 45 bps
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| Call features: | On or after Nov. 1, 2053 at 105, plus interest, decreasing by 50 bps annually until reaching a call price of par in 2063
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| Put option: | On Nov. 1, 2024 and annually until 2028 at 98, stepping up to 99 for the next five years and reaching par in 2033; after 2033 putable every three years
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 1
|
| Distribution: | SEC registered
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