Procter & Gamble Co. on May 22 increased the maximum aggregate purchase price it will pay in its $1.25 billion debt tender offer to approximately $1.40 billion, according to a filing with the SEC.
The manufacturing giant also disclosed the tender offer's early results.
Under acceptance priority level 1, around $34.9 million has been tendered out of the $97 million outstanding amount of the company's 8.75% debentures due 2022. Under level 2, $26.4 million out of approximately $97 million of P&G's 8% debentures due 2024 has been tendered. In priority level 3, about $22.1 million has been tendered out of the principal outstanding amount of $66.2 million of its 8% debentures due 2029. Under level 4, $49.5 million has been tendered out of $160.15 million of the company's 6.45% debentures due 2026.
The offer also includes 6.25% notes due 2030 with an acceptance priority level of 5, under which £204.9 million has been tendered out of the outstanding principal amount of £310.5 million. Under priority level 6, $78.7 million out of $475.2 million of P&G's 5.8% notes due 2034 has been tendered. In level 7, $367.8 million has been tendered out of the $1.13 billion outstanding amount of the company's 5.55% notes due 2037. Furthermore, under acceptance level 8, $67.8 million out of $368.8 million of its 5.5% notes due 2034 has been tendered. In acceptance priority level 9, £109.2 million has been tendered out of £200 million of P&G's 5.25% notes due 2033.
Meanwhile, €337.8 million out of €1 billion of the manufacturer's 4.875% notes due 2027, which has a priority level of 10, has been tendered. And finally, in acceptance level 11, €158.6 million has been tendered out of €600 million of the company's 4.125% notes due 2020.
The tender offer is expected to expire on June 6.
