News Release

Procter & Gamble Announces Early Results of Its Debt Tender Offer; Increases the Maximum Tender Amount

Tuesday, May 22, 2018 9:45 pm EDT

Dateline:

CINCINNATI

Public Company Information:

NYSE:
PG

CINCINNATI--(BUSINESS WIRE)--The Procter & Gamble Company (NYSE:PG) announced today the early results of its previously announced debt tender offer to purchase select P&G debt securities (collectively, the “Securities”).

In addition, P&G announced today that it has amended the terms of the tender offer to increase the maximum aggregate purchase price that P&G will pay in the tender offer from $1.25 billion to an amount that is sufficient to allow P&G to purchase the entire tendered principal amounts of the Securities in Acceptance Priority Levels 1 through 9 specified in the table below (as amended, the “Maximum Tender Amount”). P&G expects that it will pay approximately $1.40 billion to purchase those Securities that are accepted in the tender offer. The tender offer is being made solely pursuant to P&G’s Offer to Purchase, dated May 9, 2018, and the related Letter of Transmittal, as amended by this press release. Other than the increase in the Maximum Tender Amount, all other terms and conditions of the tender offer remain unchanged.

As of the Early Tender Deadline of 5:00 p.m., New York City time, on May 22, 2018, as reported by D.F. King, the tender and information agent for the tender offer, the principal amounts of the Securities listed in the table below had been validly tendered and not validly withdrawn. The withdrawal deadline of 5:00 p.m., New York City time, on May 22, 2018 has passed and, accordingly, Securities validly tendered in the tender offer may no longer be withdrawn except where additional withdrawal rights are required by law.

Title of Security   CUSIP/ISIN   Principal Amount Outstanding   Principal Amount Tendered   Acceptance Priority Level
 
8.750% Debentures due 2022 CUSIP: 742718BJ7
ISIN: US742718BJ73
$97,000,000

$34,895,000

1
 
8.000% Debentures due 2024 CUSIP: 742718BG3
ISIN: US742718BG35
$96,987,000 $26,351,000 2
 
8.000% Debentures due 2029 CUSIP: 742718AV1
ISIN: US742718AV11
$66,206,000 $22,075,000 3
 
6.450% Debentures due 2026 CUSIP: 742718BH1
ISIN: US742718BH18
$160,147,000 $49,536,000 4
 
6.250% Notes due 2030 ISIN: XS0106655235 £310,529,000 £204,901,000 5
 
5.800% Notes due 2034 CUSIP: 742718DB2
ISIN: US742718DB20
$475,210,000 $78,673,000 6
 
5.550% Notes due 2037 CUSIP: 742718DF3
ISIN: US742718DF34
$1,130,469,000 $367,839,000 7
 
5.500% Notes due 2034 CUSIP: 742718CB3
ISIN: US742718CB39
$368,787,000 $67,779,000 8
 
5.250% Notes due 2033 ISIN: XS0158603083 £200,000,000 £109,211,000 9
 
4.875% Notes due 2027 ISIN: XS0300113254 €1,000,000,000 €337,813,000 10
 
4.125% Notes due 2020 ISIN: XS0237323943 €600,000,000 €158,596,000 11

The amount of Securities that will be accepted for purchase will be subject to the Maximum Tender Amount. The amounts of each series of Securities that will be accepted for purchase will be determined in accordance with the Acceptance Priority Levels specified in the table above, with 1 being the highest Acceptance Priority Level and 11 being the lowest Acceptance Priority Level.

The prices to be paid for each series of Securities accepted for purchase will be determined on May 23, 2018, at 10:00 a.m., New York City time, for the Securities denominated in U.S. Dollars, and 3:00 p.m., London time, for the Securities denominated in Sterling or Euro, and will be announced by a separate release on May 23, 2018.

The tender offer will expire at midnight, New York City time, at the end of June 6, 2018, unless extended or terminated. However, because the tender offer was fully subscribed as of the Early Tender Deadline, holders who validly tender Securities following that time will not have any of their Securities accepted for purchase. Securities not accepted for purchase will be promptly returned or credited to the holder’s account.

P&G’s obligation to accept for payment and to pay for the Securities validly tendered in the tender offer is subject to the satisfaction or waiver of the conditions described in the Offer to Purchase.

Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as the dealer managers for the tender offer. The information and tender agent is D.F. King. Copies of the Offer to Purchase, Letter of Transmittal and related offering materials are available via the tender offer website at https://sites.dfkingltd.com/pg or by contacting the information and tender agent in New York at (212) 269-5550 (banks and brokers) or (866) 356-7813 (all others) or in London at +44 20 7920 9700 or by email at pg@dfking.com. Questions regarding the tender offer should be directed to Deutsche Bank Securities Inc., at (212) 250-2955, (866) 627-0391 or +44 20 7545 8011, or Morgan Stanley & Co. LLC, Liability Management Group, at (212) 761-1057, (800) 624-1808 (toll-free) or +44 20 7677 5040.

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The tender offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.

Forward-Looking Statements

Certain statements in this press release, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, currency exchange or pricing controls and localized volatility; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to affect the expected share repurchases and dividend payments; (3) the ability to manage disruptions in credit markets or changes to our credit rating; (4) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to factors outside of our control, such as natural disasters and acts of war or terrorism; (5) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials, and costs of labor, transportation, energy, pension and healthcare; (6) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits and technological advances attained by, and patents granted to, competitors; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third-party information technology systems, networks and services, and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage uncertainties related to changing political conditions (including the United Kingdom’s decision to leave the European Union) and potential implications such as exchange rate fluctuations and market contraction; (13) the ability to successfully manage regulatory and legal requirements and matters (including, without limitation, those laws and regulations involving product liability, intellectual property, antitrust, data protection, tax, environmental, and accounting and financial reporting) and to resolve pending matters within current estimates; (14) the ability to manage changes in applicable tax laws and regulations including maintaining our intended tax treatment of divestiture transactions; (15) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; and (16) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes, while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited. For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.

About Procter & Gamble

P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands.

Contact:

P&G Media :
Damon Jones, (513) 983-0190
or
P&G Investor Relations :
John Chevalier, (513) 983-9974