Procter & Gamble eyeing floating-rate notes due 2065 to yield Libor minus 30 bps

By Aleesia Forni

Virginia Beach, Nov. 9 – Procter & Gamble Co. plans to sell floating-rate notes due Nov. 13, 2065 at Libor minus 30 basis points, according to a 424B3 filed with the Securities and Exchange Commission.

BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.

The notes are callable in whole or in part beginning 2045 at 105 and at prices declining by 50 bps annually through 2055, when the call price is par until maturity.

The notes are putable in whole or in part from Nov. 13, 2016 to Nov. 31, 2020 at 98, from Nov. 1, 2021 to Nov. 13, 2025 at 99 and on Nov. 13, 2026 and every third year thereafter at par.

Proceeds will be used for general corporate purposes.

Procter & Gamble is a Cincinnati-based consumer products company.

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