Published on 11/12/2015 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble sells $132.76 million floaters due 2065 at par
By Cristal Cody
Tupelo, Miss., Nov. 12 – The Procter & Gamble Co. sold $132,764,000 of floating-rate notes due Nov. 13, 2065 at par, according to a Securities and Exchange Commission filing.
BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The consumer products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Amount: | $132,764,000
|
| Maturity: | Nov. 13, 2065
|
| Securities: | Floating-rate notes
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Coupon: | Libor minus 30 bps
|
| Price: | Par
|
| Yield: | Libor minus 30 bps
|
| Call feature: | On or after Nov. 13, 2045 in whole or in part at 105 and at prices declining by 50 bps annually through 2055, when the call price is par until maturity
|
| Put option: | 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
|
| Settlement date: | Nov. 13
|
| Distribution: | SEC registered
|
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