By Andrea Heisinger
New York, Feb. 3 - Procter & Gamble Co. priced $3 billion of notes (Aa3/AA-) in three tranches Tuesday, market sources said.
The $750 million of 3.5% six-year notes priced at 99.58 to yield 3.578%, or Treasuries plus 167.5 basis points. They have a make-whole call of Treasuries plus 30 bps.
The $1.25 billion of 4.7% 10-year notes priced at 99.824 to yield 4.722%, or Treasuries plus 185 bps. They have a make-whole call of Treasuries plus 35 bps.
A $1 billion issue of floating-rate notes due Feb. 8, 2010 was also added to the deal, being sold under Procter & Gamble International Funding SCA, pricing at par to yield three-month Libor plus 25 bps. These notes are guaranteed by Procter & Gamble Co.
Both of the fixed-rate tranches priced better than price talk, which was in the 170 bps area for the six-year notes and the 187.5 bps area for the 10-year tranche.
Bookrunners were Deutsche Bank Securities Inc., HSBC Securities and J.P. Morgan Securities Inc.
The consumer good company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Issue: | Notes
|
| Total amount: | $3 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., HSBC Securities, J.P. Morgan Securities Inc.
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 6
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
|
|
| Floating-rate notes
|
| Issuer: | Procter & Gamble International Funding SCA
|
| Guarantor: | Procter & Gamble Co.
|
| Issue: | Floating-rate notes
|
| Amount: | $1 billion
|
| Issue: | Floating-rate notes
|
| Maturity: | Feb. 8, 2010
|
| Coupon: | Three-month Libor plus 25 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 25 bps
|
|
|
| Six-year notes
|
| Amount: | $750 million
|
| Maturity: | Feb. 15, 2015
|
| Coupon: | 3.5%
|
| Price: | 99.58
|
| Yield: | 3.578%
|
| Spread: | Treasuries plus 167.5 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 170 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Feb. 15, 2019
|
| Coupon: | 4.7%
|
| Price: | 99.824
|
| Yield: | 4.722%
|
| Spread: | Treasuries plus 185 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Price talk: | 187.5 bps area
|
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