By Devika Patel
Knoxville, Tenn., June 22 – Reckitt Benckiser Treasury Services plc (A3/A-/) offered further details about a $7.75 billion offering of senior notes that priced in four tranches on Wednesday, according to a press release.
The notes are guaranteed by Reckitt Benckiser Group plc.
The company sold $750 million of five-year floating-rate notes at Libor plus 56 basis points. These notes were priced at par.
It also priced $2.5 billion of 2.375% five-year fixed-rate notes at a spread of Treasuries plus 62 bps. These notes were priced at 99.906.
It sold $2 billion of 2.75% seven-year notes at a Treasuries plus 77 bps spread. These notes were priced at 99.982.
The company placed $2.5 billion of 3% 10-year notes with a spread of 87 bps over Treasuries. These notes were priced at 99.7.
BofA Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the bookrunners.
Proceeds will be used to refinance debt facilities that were incurred to fund Reckitt Benckiser Group plc’s planned acquisition of Mead Johnson Nutrition Co.
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
|
| Guarantor: | Reckitt Benckiser Group 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
|
| Settlement date: | June 26
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Marketing: | Roadshow
|
|
|
| Five-year floaters
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| Amount: | $750 million
|
| Maturity: | June 24, 2022
|
| Price: | Par
|
| Coupon: | Libor plus 56 bps
|
|
|
| Five-year notes
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| Amount: | $2.5 billion
|
| Maturity: | June 24, 2022
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| Coupon: | 2.375%
|
| Price: | 99.906
|
| Spread: | Treasuries plus 62 bps
|
|
|
| Seven-year notes
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| Amount: | $2 billion
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| Maturity: | June 26, 2024
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| Coupon: | 2.75%
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| Price: | 99.982
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| Spread: | Treasuries plus 77 bps
|
|
|
| Ten-year notes
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| Amount: | $2.5 billion
|
| Maturity: | June 26, 2027
|
| Coupon: | 3%
|
| Price: | 99.7
|
| Spread: | Treasuries plus 87 bps
|
|
|
|
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