Clorox plans two-part fixed-rate senior notes via five bookrunners

By Devika Patel

Knoxville, Tenn., May 5 – Clorox Co. intends to sell fixed-rate senior notes (Baa1/BBB+) in two parts, according to a 424B3 filing with the Securities and Exchange Commission.

According to news releases from S&P Global Ratings and Moody’s Investors Service, the amount of the offering is expected to be $1.1 billion. Moody’s also expects the offering to feature seven- and 10-year tranches.

The notes have a make-whole call and are then redeemable at par.

The bookrunners are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets LLC and Wells Fargo Securities LLC.

U.S. Bank Trust Co., NA is the trustee.

Counsel to the issuer is provided by Cleary Gottlieb Steen & Hamilton LLP and to the underwriters by Cooley LLP.

Proceeds will be used to redeem all or some of the company’s $600 million of 3.05% notes due September 2022 and all or some of its $500 million of 3.5% notes due December 2024 and for general corporate purposes.

The manufacturer and marketer of consumer and professional products is based in Oakland, Calif.

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