Published on 10/30/2013 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble sells $2 billion notes in three-parts due 2016, 2018
By Aleesia Forni
Virginia Beach, Oct. 30 - The Procter & Gamble Co. priced a combined $2 billion of senior notes in three tranches (Aa3/AA-/) on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The deal included $500 million of three-year floating-rate notes priced at par to yield Libor plus 8 basis points.
There was also $500 million of 0.75% three-year notes sold with a spread of Treasuries plus 20 bps, or 99.991 to yield 0.753%.
A $1 billion tranche of 1.6% five-year notes sold at 40 bps over Treasuries. Pricing was at 99.831 to yield 1.635%.
Both fixed-rate tranches priced at the tight end of talk.
Proceeds will be used for general corporate purposes.
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC were the joint bookrunners.
Procter & Gamble is a Cincinnati-based consumer products company.
| Issuer: | Procter & Gamble Co.
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Joint bookrunners: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co.
|
| Co-managers: | Barclays, BBVA Securities Inc., Credit Suisse Securities (USA) LLC, ING Financial Markets LLC, BofA Merrill Lynch, Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC, RBS Securities Inc., Wells Fargo Securities LLC
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 4
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Distribution: | SEC registered
|
|
|
| Floaters due 2016
|
| Amount: | $500 million
|
| Maturity: | Nov. 4, 2016
|
| Coupon: | Libor plus 8 bps
|
| Price: | Par
|
| Yield: | Libor plus 8 bps
|
|
|
| Notes due 2016
|
| Amount: | $500 million
|
| Maturity: | Nov. 4, 2016
|
| Coupon: | 0.75%
|
| Price: | 99.991
|
| Yield: | 0.753%
|
| Spread: | Treasuries plus 20 bps
|
| Price talk: | Treasuries plus 22 bps area
|
| Make-whole call: | Treasuries plus 5 bps
|
|
|
| Notes due 2018
|
| Amount: | $1 billion
|
| Maturity: | Nov. 15, 2018
|
| Coupon: | 1.6%
|
| Price: | 99.831
|
| Yield: | 1.635%
|
| Spread: | Treasuries plus 40 bps
|
| Price talk: | Treasuries plus 42 bps area
|
| Make-whole call: | Treasuries plus 5 bps
|
|
|
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