By Andrea Heisinger
New York, Aug. 10 - Procter & Gamble Co. priced $2 billion of notes (Aa3/AA-/) in two parts on Wednesday, said a market source.
A $1 billion tranche of 0.7% three-year notes was priced at 99.589 to yield 0.839% with a spread of Treasuries plus 52 basis points. They have a make-whole call at Treasuries plus 10 bps.
A $1 billion tranche of 1.45% five-year notes sold at 99.196 to yield 1.618% with a spread of Treasuries plus 67 bps. The notes include a make-whole call of Treasuries plus 12.5 bps.
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including note redemption.
Procter & Gamble last priced paper in a $1.5 billion deal in two parts on Nov. 15, 2010. The 1.8% five-year notes from that sale were priced at 47 bps over Treasuries.
The personal products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. Inc.
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | Aug. 15, 2014
|
| Coupon: | 0.7%
|
| Price: | 99.589
|
| Yield: | 0.839%
|
| Spread: | Treasuries plus 52 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Aug. 15, 2016
|
| Coupon: | 1.45%
|
| Price: | 99.196
|
| Yield: | 1.618%
|
| Spread: | Treasuries plus 67 bps
|
| Call: | Make-whole at Treasuries plus 12.5 bps
|
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