Procter & Gamble Plans $4 Billion Bond Issue - Source
Procter & Gamble, the U.S. consumer products maker, is planning to issue $4 billion worth of bonds in three parts denominated in euros and dollars, a market source said according to Reuters.
The sale will comprise a minimum 2 billion euros ($2.63 billion) of 10- and 20-year bonds and a "benchmark"-sized 30-year dollar bond, the source said, Reuters reported.
The euro and dollar bonds will be managed by Goldman Sachs, JP Morgan and Morgan Stanley, with Deutsche Bank on the euro tranches and Citigroup on the dollar bond according to the source, said Reuters.
The dollar bond could be priced as early as Tuesday, with the euro tranches to be priced no later than Wednesday. Proceeds from the issue will be used for general corporate purposes, the source added to Reuters.
Procter & Gamble is rated Aa3 by Moody's Investors Service and AA- by Standard & Poor's.