By Cristal Cody
Tupelo, Miss., June 21 – Reckitt Benckiser Treasury Services PLC (A3/A-/) priced $7.75 billion of senior notes in four tranches on Wednesday, according to a market source.
The company sold $750 million of five-year floating-rate notes at Libor plus 56 basis points.
Reckitt Benckiser priced $2.5 billion of 2.375% five-year fixed-rate notes at a spread of Treasuries plus 62 bps.
Reckitt sold $2 billion of 2.75% seven-year notes at a Treasuries plus 77 bps spread.
The company placed $2.5 billion of 3% 10-year notes with a spread of 87 bps over Treasuries.
BofA Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the bookrunners.
The company held investor calls on Monday and Tuesday for the transaction.
Reckitt Benckiser is a financing arm of Slough, England-based Reckitt Benckiser Group plc, a consumer goods company that owns brands including Clearasil, Scholl, Lysol, Woolite and French’s mustard.
| Issuer: | Reckitt Benckiser Treasury Services PLC
|
| Amount: | $7.75 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
|
| Trade date: | June 21
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Marketing: | Roadshow
|
|
|
| Five-year floaters
|
| Amount: | $750 million
|
| Maturity: | June 24, 2022
|
| Coupon: | Libor plus 56 bps
|
|
|
| Five-year notes
|
| Amount: | $2.5 billion
|
| Maturity: | June 24, 2022
|
| Coupon: | 2.375%
|
| Spread: | Treasuries plus 62 bps
|
|
|
| Seven-year notes
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| Amount: | $2 billion
|
| Maturity: | June 26, 2024
|
| Coupon: | 2.75%
|
| Spread: | Treasuries plus 77 bps
|
|
|
| Ten-year notes
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| Amount: | $2.5 billion
|
| Maturity: | June 26, 2027
|
| Coupon: | 3%
|
| Spread: | Treasuries plus 87 bps
|
|
|
|
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