Published on 1/28/2016 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble prices $1.2 billion of five-year, 10-year notes
By Cristal Cody
Tupelo, Miss., Jan. 28 – The Procter & Gamble Co. priced $1.2 billion of notes (Aa3/AA-) in two tranches on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company sold $600 million of 1.85% five-year notes at 99.981 to yield 1.854%. The notes priced at a spread of Treasuries plus 45 basis points, on the tight side of guidance of Treasuries plus 50 bps, plus or minus 5 bps.
Procter & Gamble priced $600 million of 2.7% 10-year notes at 99.635 to yield 2.742%, or Treasuries plus 75 bps. The notes were talked to price at Treasuries plus 80 bps, plus or minus 5 bps.
Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC were the bookrunners.
The consumer products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Amount: | $1.2 billion
|
| Securities: | Notes
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Senior co-managers: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC
|
| Co-managers: | Barclays; BofA Merrill Lynch; MUFG; RBC Capital Markets, LLC; BBVA Securities Inc.; Credit Suisse Securities (USA) LLC; ING Financial Markets LLC; Fifth Third Securities, Inc.; PNC Capital Markets LLC; U.S. Bancorp Investments, Inc.; Wells Fargo Securities, LLC, Williams Capital Group, LP
|
| Trade date: | Jan. 28
|
| Settlement date: | Feb. 2
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Feb. 2, 2021
|
| Coupon: | 1.85%
|
| Price: | 99.981
|
| Yield: | 1.854%
|
| Spread: | Treasuries plus 45 bps
|
| Make-whole call: | Any time at the greater of par or Treasuries plus 10 bps
|
| Price talk: | Treasuries plus 50 bps, plus or minus 5 bps
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | Feb. 2, 2026
|
| Coupon: | 2.7%
|
| Price: | 99.635
|
| Yield: | 2.742%
|
| Spread: | Treasuries plus 75 bps
|
| Make-whole call: | Any time at the greater of par or Treasuries plus 15 bps
|
| Price talk: | Treasuries plus 80 bps, plus or minus 5 bps
|
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