Procter & Gamble, Tractor Supply, Acuity, Genuine Parts, Berkshire in primary

By Cristal Cody

Tupelo, Miss., Oct. 27 – Investment-grade supply revved up on Tuesday with several issuers in the primary market following thin volume on Monday.

Procter & Gamble Co. sold $2.25 billion of senior notes (Aa3/AA-/) in two tranches, including five- and 10-year notes.

Tractor Supply Co. priced $650 million of 10-year notes (Baa1/BBB) in an offering upsized from $500 million.

Acuity Brands Lighting, Inc. also priced an upsized $500 million of 10-year guaranteed notes (Baa1/BBB/) on Tuesday.

The deal was increased from $400 million.

Genuine Parts Co. tapped the primary market with $500 million of 10-year notes on Tuesday.

Banc of California, Inc. sold $85 million of 10-year fixed-to-floating-rate subordinated notes (Kroll: BBB-) over the day.

In addition, Bank of America Corp. offered $25-par series NN perpetual non-cumulative preferred stock (Baa3/BBB-/BBB) with initial price talk in the 4.625% area.

Also, Berkshire Hathaway Inc. offered three tranches of senior notes (A3/A-/BBB+) that includes notes due May 15, 2025 that are talked to price with a spread in the Treasuries plus 65 basis points area, notes due May 15, 2031 guided at the 115 bps spread area and notes due May 15, 2051 talked to price in the 150 bps over Treasuries area.

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