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Reckitt Benckiser announces pricing of $7.75bn notes

22 June 2017 07:20

Reckitt Benckiser Group said subsidiary Reckitt Benckiser Treasury Services has priced its offering of $7.75bn aggregate principal amount of senior notes in four tranches.

Net proceeds of the offering of the Notes would be used to refinance certain debt facilities incurred to finance the acquisition of Mead Johnson Nutrition Company by RB.

The notes comprised $750m Floating Rate Senior Notes due 2022, $2.5bn Fixed Rate Senior Notes due 2022, $2bn Fixed Rate Senior Notes due 2024 and $2.5bn Fixed Rate Senior Notes due 2027.

The Floating Rate Notes, the 2022 Fixed Rate Notes, the 2024 Fixed Rate Notes and the 2027 Fixed Rate Notes were offered at a price of 100.000%, 99.906%, 99.892% and 99.700%, respectively.

The Floating Rate Notes would bear interest at a rate equal to 3 month US Dollar LIBOR plus 0.56% a year.

Interest on the Floating Rate Notes is payable on 24 March, 24 June, 24 September and 24 December of each year, beginning 24 September 2017.

The 2022 Fixed Rate Notes, the 2024 Fixed Rate Notes and the 2027 Fixed Rate Notes will bear interest at a rate of 2.375%, 2.750% and 3.000% per annum, respectively.

Interest on the 2022 Fixed Rate Notes was payable on 24 June and 24 December of each year, beginning 24 December 2017. Interest on the 2024 Fixed Rate Notes and the 2027 Fixed Rate Notes was payable on 26 June and 26 December of each year, beginning 26 December 2017.

The Notes were expected to be issued on or about 26 June 2017.

The Notes would be guaranteed by RB.

Story provided by StockMarketWire.com

Related Company: RB.

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