Church&Dwight Co. Inc.'s Proposed $500 Million Senior Unsecured Notes Rated 'BBB+'

SAN FRANCISCO (S&P Global Ratings) May 18, 2022--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Ewing, N.J.-based Church&Dwight Co. Inc.'s proposed $500 million senior unsecured notes (final maturity to be determined). We expect the company will use the net proceeds from these notes to repay all or a portion of its $300 million outstanding 2.45% senior notes due Aug. 1, 2022, and all or a portion of its $400 million 2.875% senior notes due Oct. 1, 2022. Therefore, we anticipate it will be a leverage neutral transaction. As of March 31, 2022, Church&Dwight had about $2.4 billion of funded debt outstanding. All of our ratings on the company, including our 'BBB+' issuer credit rating,

...May 18, 2022 SAN FRANCISCO (S&P Global Ratings) May 18, 2022--S&P Global Ratings today assigned its '###+' issue-level rating to Ewing, N.J.-based Church & Dwight Co. Inc.'s proposed $500 million senior unsecured notes (final maturity to be determined). We expect the company will use the net proceeds from these notes to repay all or a portion of its $300 million outstanding 2.45% senior notes due Aug. 1, 2022, and all or a portion of its $400 million 2.875% senior notes due Oct. 1, 2022. Therefore, we anticipate it will be a leverage neutral transaction. As of March 31, 2022, Church & Dwight had about $2.4 billion of funded debt outstanding. All of our ratings on the company, including our '###+' issuer credit rating, are unchanged. During the first quarter ended March 31, 2022, Church & Dwight increased its revenue by 4.7% relative to the same period in 2021 (7.8% from changes in its pricing and product mix and 2.3% from acquisitions, which were partially offset by a 7.8% decline in its...

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