Published on 8/21/2017 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble prices $136.86 million 50-year floaters at Libor minus 45 bps
By Cristal Cody
Tupelo, Miss., Aug. 21 – Procter & Gamble Co. priced $136,861,000 of senior floating-rate notes due Aug. 22, 2067 (Aa3/AA-) on Friday at par to yield Libor minus 45 basis points, according to a 424B5 filing with the Securities and Exchange Commission.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC were the bookrunners.
The notes become callable beginning Aug. 22, 2047 at 105 and at rates that reduce annually until Aug. 22, 2057, when the notes become callable at par through maturity.
The notes are putable on Aug. 22, 2018 at 98 and at ascending rates on specified put dates thereafter.
Proceeds will be used for general corporate purposes.
The consumer products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Amount: | $136,861,000
|
| Description: | Senior floating-rate notes
|
| Maturity: | Aug. 22, 2067
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC
|
| Coupon: | Libor minus 45 bps
|
| Price: | Par
|
| Yield: | Libor minus 45 bps
|
| Call features: | On or after Aug. 22, 2047 at 105; on or after Aug. 22, 2048 at 104.5; on or after Aug. 22, 2049 at 104; on or after Aug. 22, 2050 at 103.5; on or after Aug. 22, 2051 at 103; on or after Aug. 22, 2052 at 102.5; on or after Aug. 22, 2053 at 102; on or after Aug. 22, 2054 at 101.5; on or after Aug. 22, 2055 at 101; on or after Aug. 22, 2056 at 100.5 and on or after Aug. 22, 2057 at par
|
| Put option: | On Aug. 22, 2018 and annually thereafter at 98; beginning Aug. 22, 2023 and annually thereafter at 99; beginning on Aug. 22, 2028 and every third year thereafter at par
|
| Trade date: | Aug. 18
|
| Settlement date: | Aug. 22
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
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