By Aleesia Forni
Virginia Beach, Feb. 24 – Kimberly-Clark Corp. priced $500 million of senior notes (A2/A/A) in two parts on Tuesday, according to a market source and an FWP filed with the Securities and Exchange Commission.
There was $250 million of 1.85% notes due 2020 priced at 40 basis points over Treasuries. The notes sold at the tight end of price talk set in the 45 bps area over Treasuries.
Pricing was at 99.938 to yield 1.863%.
A $250 million tranche of 2.65% notes due 2025 sold at 99.712 to yield 2.683%, or Treasuries plus 70 bps.
The notes priced at the tight end of the 75 bps area over Treasuries talk.
The bookrunners were Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes.
The consumer paper products company is based in Irving, Texas.
| Issuer: | Kimberly-Clark Corp.
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Co-managers: | Barclays, HSBC Securities (USA) Inc., RBC Capital Markets LLC
|
| Trade date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Change-of-control put: | 101%
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | March 1, 2020
|
| Coupon: | 1.85%
|
| Price: | 99.938
|
| Yield: | 1.863%
|
| Spread: | 40 bps
|
| Price talk: | 45 bps area
|
| Make-whole call: | 6 bps
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | March 1, 2025
|
| Coupon: | 2.65%
|
| Price: | 99.712
|
| Yield: | 2.683%
|
| Spread: | 70 bps
|
| Price talk: | 75 bps area
|
| Make-whole call: | 11 bps
|
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