By Andrea Heisinger
New York, Nov. 4 - Clorox Co. sold $300 million of 3.55% six-year senior unsecured notes on Wednesday to yield Treasuries plus 120 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were sold at the tight end of price guidance that was in the 125 bps area, a source close to the deal said.
The notes (Baa2/BBB+/BBB) priced at 99.83 to yield 3.582%.
There is a make-whole call at Treasuries plus 20 bps and a change-of-control put of 101%.
Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities ran the books.
Senior co-managers were BNP Paribas Securities Corp., Goldman Sachs & Co., Mitsubishi UFJ Securities and PNC Capital Markets.
Co-managers were Williams Capital Group LP, Fifth Third Securities and Blaylock Robert Van LLC.
Proceeds will be used to retire commercial paper.
The consumer products company is based in Oakland, Calif.
| Issuer: | Clorox Co.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 1, 2015
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Wells Fargo Securities
|
| Senior co-managers: | BNP Paribas Securities Corp., Goldman Sachs & Co., Mitsubishi UFJ Securities, PNC Capital Markets
|
| Co-managers: | Williams Capital Group LP, Fifth Third Securities, Blaylock Robert Van LLC
|
| Coupon: | 3.55%
|
| Price: | 99.83
|
| Yield: | 3.582%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB
|
| Price talk: | 125 bps area, plus or minus 5 bps
|
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