Colgate Palmolive Preps $1 Billion, Three-Part Debt Offering -Source
November 03 2011 - 9:31AM
Dow Jones News
Colgate-Palmolive Co. (CL) is marketing $1 billion of new bonds
in a three-part offering, according to a person familiar with the
sale.
The consumer products company reported net income of $643
million in the third quarter, up 4% from year-ago levels.
The unsecured debt matures in three-, five- and 10 years, the
person added, and is expected to be rated Aa3 by Moody's Investors
Service and AA-minus by both Standard & Poor's and Fitch
Ratings.
Leading the sale of the $300 million in three-year bonds are
HSBC, J.P. Morgan Chase and Morgan Stanley; while Citigroup, HSBC
and J.P. Morgan are running the sale of the $400 million in
five-year bonds; and Citi, Goldman Sachs and J.P. Morgan are
leading the $300 million, 10-year tranche.
Proceeds will be used for general corporate purposes, including
to repay outstanding commercial paper debt.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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