Published on 10/23/2017 in the Prospect News Investment Grade Daily.
New Issue: Procter & Gamble prices $1.8 billion of notes in three tranches
By Cristal Cody
Tupelo, Miss., Oct. 23 – Procter & Gamble Co. sold $1.8 billion of fixed-rate notes (Aa3/AA-) in three parts on Monday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $600 million of 1.75% two-year notes at 99.965 to yield 1.768%, or a spread of Treasuries plus 20 basis points.
Procter & Gamble sold $600 million of 1.9% three-year notes at 99.847 to yield 1.953% and a Treasuries plus 25 bps spread.
The $600 million tranche of 3.5% 30-year notes priced at 98.699 to yield 3.571%. The bonds priced at a spread of 68 bps over Treasuries.
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC were the bookrunners.
Procter & Gamble also priced a concurrent euro-denominated offering that included €500 million of 0.5% notes due 2024 and €500 million of 1.25% notes due 2029.
Proceeds will be used for general corporate purposes.
The consumer products company is based in Cincinnati.
| Issuer: | Procter & Gamble Co.
|
| Amount: | $1.8 billion
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Co-managers: | Barclays, BofA Merrill Lynch, MUFG, RBC Capital Markets, LLC, BBVA Securities Inc., ING Financial Markets LLC, Wells Fargo Securities, LLC, Williams Capital Group, LP, Fifth Third Securities, Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
|
| Trade date: | Oct. 23
|
| Settlement date: | Oct. 25
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Two-year notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 15, 2019
|
| Coupon: | 1.75%
|
| Price: | 99.965
|
| Yield: | 1.768%
|
| Spread: | Treasuries plus 20 bps
|
| Call features: | Make-whole call at any time at greater of par or Treasuries plus 5 bps
|
|
|
| Three-year notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 23, 2020
|
| Coupon: | 1.9%
|
| Price: | 99.847
|
| Yield: | 1.953%
|
| Spread: | Treasuries plus 25 bps
|
| Call features: | Make-whole call at any time at greater of par or Treasuries plus 5 bps
|
|
|
| 30-year notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 25, 2047
|
| Coupon: | 3.5%
|
| Price: | 98.699
|
| Yield: | 3.571%
|
| Spread: | Treasuries plus 68 bps
|
| Call features: | Make-whole call at any time at greater of par or Treasuries plus 10 bps
|
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