New Issue: Church & Dwight sells $300 million 2.45% five-year notes at Treasuries plus 87.5 bps

By Aleesia Forni

Virginia Beach, Dec. 4 – Church & Dwight Co., Inc. issued $300 million of 2.45% five-year senior notes (Baa1/BBB+/) on Thursday at Treasuries plus 87.5 basis points, according to an informed source and an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.939 to yield 2.463%.

The notes sold tighter than price guidance.

BofA Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including repayment of commercial paper debt incurred primarily for strategic acquisitions.

The maker of personal care, household and specialty products is based in Princeton, N.J.

Issuer:	Church & Dwight Co. Inc.
Amount:	$300 million
Description:	Senior notes
Maturity:	Dec. 15, 2019
Bookrunners:	BofA Merrill Lynch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Wells Fargo Securities LLC
Senior co-managers:	MUFG, Santander Investment Securities Inc., SunTrust Robinson Humphrey, Inc.
Co-managers:	BMO Capital Markets Corp., RBS Securities Inc., Scotia Capital (USA) Inc., Williams Capital Group LP
Coupon:	2.45%
Price:	99.939
Yield:	2.463%
Spread:	Treasuries plus 87.5 bps
Make-whole call:	Treasuries plus 15 bps prior to Nov. 15, 2019, then callable at par
Change-of-control put:	101%
Trade date:	Dec. 4
Settlement date:	Dec. 9
Ratings:	Moody’s: Baa1
	Standard & Poor's: BBB+
Distribution:	SEC registered
Price talk:	Treasuries plus 100 bps area

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