Procter & Gamble releases Debt Tender Offer pricing
The multinational company said in a statement the tender offer is being made solely pursuant to P&G’s Offer to Purchase, dated May 9, 2018, and the related Letter of Transmittal, as previously amended.
P&G said the Early Tender Deadline was 5:00 pm, New York City time, on May 22, 2018, as reported by D.F. King, the tender and information agent for the tender offer. The principal amounts of the Securities listed had been validly tendered and not validly withdrawn.
“The amounts of each series of Securities that will be accepted for purchase were determined in accordance with the Acceptance Priority Levels, with 1 being the highest Acceptance Priority Level and 11 being the lowest Acceptance Priority Level,” said P&G in a statement.
“The maximum aggregate purchase price that P&G will pay in the tender offer is an amount that is sufficient to allow P&G to purchase the entire tendered principal amounts of the Securities in Acceptance Priority Levels 1 through 9 specified in the table above. Based on the pricing set forth above, this amount is approximately $1.404 billion. None of the Securities in Acceptance Priority Levels 10 or 11 will be purchased.”
The multinational giant further said the prices to be paid for the Securities denominated in US Dollars and Sterling were calculated on the basis of the yield to the applicable call or maturity date of the applicable reference security, and the prices to be paid for the Securities denominated in Euro were calculated on the basis of the rates payable on a reference swap plus the fixed spread applicable to such Securities as set forth in the table above, in each case in the manner described in the Offer to Purchase.
P&G said the Holders of the Securities that were validly tendered and not withdrawn at or prior to the Early Tender Deadline and that are accepted for purchase will receive the applicable Total Consideration specified in the table above.
The tender offer is set to expire at midnight, New York City time, at the end of June 6, 2018, unless extended or terminated. However, because the tender offer was fully subscribed as of the Early Tender Deadline, holders who validly tender Securities following that time will not have any of their Securities accepted for purchase. Securities not accepted for purchase will be promptly returned or credited to the holder’s account.
P&G’s settlement date for Securities tendered at or prior to the Early Tender Deadline and accepted for purchase is expected to be on May 25, 2018. The multinational company’s obligation to accept for payment and to pay for the Securities validly tendered in the tender offer is subject to the satisfaction or waiver of the conditions described in the Offer to Purchase.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as the dealer managers for the tender offer.