By Andrea Heisinger
New York, Dec. 15 - Procter & Gamble Co. priced $2 billion of 4.6% five-year notes Monday to yield Treasuries plus 310 basis points, market sources said.
The notes (Aa3/AA-/) priced at 99.978 to yield 4.604%. They have a make-whole call of Treasuries plus 50 bps.
The notes priced at the tight end of talk, which was in the 312.5 bps area, a source close to the deal said.
Bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. Inc.
Senior co-managers were Deutsche Bank Securities, RBS Greenwich Capital, HSBC Securities (USA) Inc., J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc.
Co-managers were Banc of America Securities LLC, Credit Suisse Securities, Barclays Capital, Mitsubishi UFJ Securities and Williams Capital Group.
Proceeds will be used for general corporate purposes.
The consumer products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Issue: | Notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 15, 2014
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. Inc.
|
| Senior co-managers: | Deutsche Bank Securities, RBS Greenwich Capital, HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Co-managers: | Banc of America Securities LLC, Credit Suisse Securities, Barclays Capital, Mitsubishi UFJ Securities, Williams Capital Group
|
| Coupon: | 4.6%
|
| Price: | 99.978
|
| Yield: | 4.604%
|
| Spread: | Treasuries plus 310 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Dec. 15
|
| Settlement date: | Dec. 18
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Price talk: | 312.5 bps area
|
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