Colgate Palmolive Preps $1 Billion, Three-Part Debt Offering -Source

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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