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Procter & Gamble Prices $4.0 Billion Multi-Tranche Senior Notes Offering

Medium SignificanceOctober 28, 2026 at 5:09:11 PM EDT

PROCTER & GAMBLE Co

$PG424B5CIK: 0000080424

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Filing Summary

PROCTER & GAMBLE Co ($PG) filed Form 424B5 detailing a $4.0B debt offering across four tranches: 5.125% due 2031 ($750M), 5.300% due 2033 ($750M), 5.450% due 2036 ($1.25B), and 5.900% due 2056 ($1.25B). Total net proceeds before expenses are approximately $3.97B.

Comprehensive Analysis

Offering Overview

The Procter & Gamble Company filed a final prospectus supplement (Form 424B5) pursuant to Rule 424(b)(5) under Registration No. 333-299472 covering a multi-tranche registered senior notes offering aggregate principal amount of $4,000,000,000.

Tranche Breakdown

  1. $750,000,000 5.125% Notes due October 30, 2031

    • Offering Price: 99.965%
    • Underwriting Discount: 0.350%
    • Net Proceeds (before expenses): $747,112,500
  2. $750,000,000 5.300% Notes due October 30, 2033

    • Offering Price: 99.954%
    • Underwriting Discount: 0.400%
    • Net Proceeds (before expenses): $746,655,000
  3. $1,250,000,000 5.450% Notes due October 30, 2036

    • Offering Price: 99.642%
    • Underwriting Discount: 0.450%
    • Net Proceeds (before expenses): $1,239,900,000
  4. $1,250,000,000 5.900% Notes due October 30, 2056

    • Offering Price: 99.860%
    • Underwriting Discount: 0.875%
    • Net Proceeds (before expenses): $1,237,312,500

Offering Summary Financials

  • Total Initial Offering Price: $3,993,167,500
  • Total Underwriting Discount: $22,187,500
  • Total Proceeds (before expenses): $3,970,980,000
  • Interest Payment Dates: Semi-annually on April 30 and October 30, starting April 30, 2027
  • Settlement Date: Expected on or about October 30, 2026

Underwriters

  • Joint Book-Running Managers: Citigroup, Deutsche Bank Securities, Goldman Sachs & Co. LLC, HSBC, Morgan Stanley
  • Co-Managers: BofA Securities, Barclays, BBVA, BNP PARIBAS, RBC Capital Markets, Bank of China, PNC Capital Markets LLC, Siebert Williams Shank, Standard Chartered Bank
Topics:#PG#DebtOffering#Bonds#CorporateFinance#SEC

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