By Andrea Heisinger
New York, Sept. 10 - Clorox Co. did a quick $600 million sale of 3.05% 10-year senior notes on Monday to yield Treasuries plus 140 basis points, a market source said.
The notes (Baa1/BBB+/BBB+) were sold at 99.683 to yield 3.087%. The deal features a make-whole call option at Treasuries plus 25 bps until June 15, 2022, with a par call after that date.
There was a do-not-grow provision on the sale, which also carries a change-of-control put at 101%.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mitsubishi UFJ Securities (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.
Joint lead managers were Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used for general corporate purposes, including retirement of commercial paper and repayment of $350 million of 5.45% notes due in October.
The manufacturer and marketer of consumer and professional products is based in Oakland, Calif.
| Issuer: | Clorox Co.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | Sept. 15, 2022
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mitsubishi UFJ Securities (USA) Inc., Wells Fargo Securities LLC
|
| Joint lead managers: | Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Co-managers: | Blaylock Robert Van LLC, Fifth Third Securities Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Williams Capital Group LP
|
| Coupon: | 3.05%
|
| Price: | 99.683
|
| Yield: | 3.087%
|
| Spread: | Treasuries plus 140 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to June 15, 2022, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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