Procter & Gamble Prices €3.25 Billion Multi-Tranche Eurobond Offering

Overview

On October 29, 2026, The Procter & Gamble Company filed a Form 424B5 prospectus supplement detailing a multi-tranche institutional offering of euro-denominated senior notes totaling €3,250,000,000.

Tranche Breakdown

1. €750,000,000 3.750% Notes due November 3, 2030
   • Offering Price: 99.865%
   • Underwriting Discount: 0.225%
   • Proceeds Before Expenses: €747,300,000
2. €1,000,000,000 4.100% Notes due November 3, 2034
   • Offering Price: 99.859%
   • Underwriting Discount: 0.338%
   • Proceeds Before Expenses: €995,210,000
3. €750,000,000 4.250% Notes due November 3, 2038
   • Offering Price: 98.870%
   • Underwriting Discount: 0.400%
   • Proceeds Before Expenses: €738,525,000
4. €750,000,000 4.625% Notes due November 3, 2046
   • Offering Price: 99.564%
   • Underwriting Discount: 0.500%
   • Proceeds Before Expenses: €742,980,000

Offering Summary & Impact

• Total Gross Proceeds: €3,235,832,500
• Total Underwriting Discounts: €11,817,500
• Net Proceeds (pre-expenses): €3,224,015,000
• Listing: Application will be made to list the notes on the New York Stock Exchange.
• Managers: Joint book-runners include Citigroup, Deutsche Bank, Goldman Sachs & Co. LLC, HSBC, and Morgan Stanley.
• Capital Structure Assessment: This represents a sizable extension and optimization of P&G's euro-denominated debt structure, locking in intermediate- to long-term fixed rates maturing between 2030 and 2046.