By Andrea Heisinger
New York, Aug. 25 - Procter & Gamble Co. and Procter & Gamble International Funding SCA sold $1.5 billion of notes (A3/AA-/) in two tranches Tuesday, an informed source said.
The size was increased from $1 billion, a source said.
The $1 billion of 1.35% two-year notes from Procter & Gamble International priced at 99.926 to yield 1.388%, or Treasuries plus 38 basis points. The notes have a make-whole call at Treasuries plus 5 bps. This tranche is guaranteed by parent company Procter & Gamble Co.
The two-year notes came at the tight end of price talk, at 38 bps, plus or minus 2 bps, the source said.
A $500 million tranche of 3.15% six-year notes sold by Procter & Gamble Co. priced at 99.772 to yield 3.192%, or Treasuries plus 75 bps. The notes have a make-whole call at Treasuries plus 10 bps.
The notes came at the tight end of guidance of 75 to 80 bps over Treasuries.
Bookrunners were Goldman Sachs & Co., J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
Proceeds will be used for general corporate purposes.
The consumer products companies are based in Cincinnati.
| Issuers: | Procter & Gamble Co., Procter & Gamble International Funding SCA
|
| Issue: | Senior notes
|
| Total amount: | $1.5 billion, increased from $1 billion
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Trade date: | Aug. 25
|
| Settlement date: | Aug. 28
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: AA-
|
|
|
| Two-year notes
|
| Issuer: | Procter & Gamble International Funding SCA
|
| Guarantor: | Procter & Gamble Co.
|
| Amount: | $1 billion
|
| Maturity: | Aug. 26, 2011
|
| Coupon: | 1.35%
|
| Price: | 99.926
|
| Yield: | 1.388%
|
| Spread: | Treasuries plus 38 bps
|
| Call: | Make-whole at Treasuries plus 5 bps
|
| Price talk: | 40 bps plus or minus 2 bps
|
|
|
| Six-year notes
|
| Issuer: | Procter & Gamble Co.
|
| Amount: | $500 million
|
| Maturity: | Sept. 1, 2015
|
| Coupon: | 3.15%
|
| Price: | 99.772
|
| Yield: | 3.192%
|
| Spread: | Treasuries plus 75 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Price talk: | 75 to 80 bps
|
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