Procter & Gamble announces $1.25B debt tender offer
The Procter & Gamble Company announced that it has commenced a debt tender offer to purchase, for an aggregate purchase price of up to $1.25B in cash. The tender offer is intended to allow P&G to retire higher-interest rate debt in the current low interest-rate environment and further improve the efficiency of P&G's capital structure. The tender offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase, dated October 17, 2016, and the related Letter of Transmittal. The tender offer will expire at midnight, New York City time, at the end of November 14, 2016, unless extended or terminated. Tenders of Securities may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on October 28, 2016, but may not be withdrawn thereafter except where additional withdrawal rights are required by law.