Published on 1/24/2024 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble sells $1.35 billion of five-, 10-year senior notes
By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – Procter & Gamble Co. sold $1.35 billion of senior notes (Aa3/AA-) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
A $600 million tranche of 4.35% five-year notes priced at 99.956 to yield 4.36%, or a spread of 27 basis points over Treasuries.
Procter & Gamble sold $750 million of 10-year notes at par to yield 4.55%, or a Treasuries plus 37 bps spread.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC 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: | $1.35 billion
|
| Issue: | 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., BNP Paribas Securities Corp., RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc., ING Financial Markets LLC, PNC Capital Markets LLC, Siebert Williams Shank & Co., LLC and Standard Chartered Bank
|
| Trustee: | Deutsche Bank Trust Co. Americas
|
| Counsel to issuer: | In-house and Fried, Frank, Harris, Shriver & Jacobson LLP
|
| Counsel to underwriters: | Fried, Frank, Harris, Shriver & Jacobson LLP
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 29
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
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| Amount: | $600 million
|
| Maturity: | Jan. 29, 2029
|
| Coupon: | 4.35%
|
| Price: | 99.956
|
| Yield: | 4.36%
|
| Spread: | Treasuries plus 27 bps
|
| Call features: | Make-whole call at Treasuries plus 5 bps
|
| Cusip: | 742718GF0
|
|
|
| 10-year notes
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| Amount: | $750 million
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| Maturity: | Jan. 29, 2034
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| Coupon: | 4.55%
|
| Price: | Par
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| Yield: | 4.55%
|
| Spread: | Treasuries plus 37 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps
|
| Cusip: | 742718GG8
|
|
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