By Aleesia Forni
Virginia Beach, May 19 - Kimberly-Clark Corp. priced $600 million of senior notes (A2/A/) in two parts, according to a syndicate source and a FWP filed with the Securities and Exchange Commission.
The sale included $300 million of floating-rate notes due 2016 at par to yield Libor plus 5 basis points.
A second tranche was $300 million of 1.9% of five-year notes due 2019 sold with a spread of Treasuries plus 37.5 bps.
Pricing was at 99.948 to yield 1.911%.
Both tranches sold tight of initial guidance.
The bookrunners were Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC.
Proceeds will be used for general corporate purposes.
Kimberly-Clark was last in the market with $850 million of notes in three parts on May 20, 2013.
The sale included $250 million of three-year floating-rate notes priced at par to yield Libor plus 12 basis points, $350 million of 2.4% 10-year notes sold with a spread of 70 bps over Treasuries and $250 million of 3.7% 30-year bonds priced at Treasuries plus 80 bps.
The consumer paper products company is based in Irving, Texas.
| Issuer: | Kimberly-Clark Corp.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Co-managers: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBC Capital Markets, LLC
|
| Trade date: | May 19
|
| Settlement date: | May 22
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Distribution: | SEC-registered
|
|
|
| Two-year floaters
|
| Amount: | $300 million
|
| Maturity: | May 19, 2016
|
| Coupon: | Libor plus 5 bps
|
| Price: | Par
|
| Yield: | Libor plus 5 bps
|
| Price talk: | Libor plus high-single digits area
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | May 22, 2019
|
| Coupon: | 1.9%
|
| Price: | 99.948
|
| Yield: | 1.911%
|
| Spread: | Treasuries plus 37.5 bps
|
| Price talk: | Treasuries plus high-40 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
