Pricing Supplement No. 23 dated May 20, 1999 Rule 424(b)(3)
(To Prospectus dated April 1, 1996 File No. 33-58887
and Prospectus Supplement dated April 1, 1996)
Colgate-Palmolive Company
Medium-Term Notes - Fixed Rate Notes
Series C
We are hereby offering to sell Notes having the terms specified below to
you with the assistance of Bear, Stearns & Co. Inc., acting as principal. The
Notes are being offered by Bear, Stearns & Co. Inc. from time to time for sale
in negotiated transactions, or otherwise, at varying prices to be determined
at the time of each sale.
Principal Amount: $20,000,000 Original Issue Date: May 27, 1999
Interest Rate: 6.25% per annum Net Proceeds to Company: See "Supplemental
Stated Maturity Date: May 27, 2011 Plan of Distribution" below.
Agent's Discount or Commission: See
"Supplemental Plan of Distribution" below.
Interest Payment Dates: The Company will pay interest on the Notes in U.S.
dollars on the twenty-seventh day of each month,
commencing June 28, 1999 (since June 27, 1999 is
not a business day), up to and including May 27,
2011 (with respect to the final interest accrual
period, interest on the Notes will accrue from and
including the preceding interest payment date on
April 27, 2011 to but excluding May 27, 2011) or
the date of earlier redemption.
Redemption: The Notes may be redeemed by the Company prior to
the stated maturity date. (See "Other provisions-
Optional Redemption" below).
Optional Repayment: The Notes cannot be repaid at the option of the
holder thereof prior to the stated maturity date.
Specified Currency: U.S. dollars
Form: The Notes are being issued in fully registered
book-entry form.
Other provisions:
Use of Proceeds:
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The net proceeds from the sale of the Notes will be used by the Company
to retire commercial paper which was issued by the Company for general
corporate purposes and working capital. As of May 20, 1999, the Company's
outstanding commercial paper had a weighted average interest rate of
4.85% with maturities ranging from 1 to 82 days.
Optional Redemption:
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The Company may at its option elect to redeem the Notes in whole, but not
in part, on May 27, 2001 or on any interest payment date thereafter at
100% of their principal amount plus accrued interest to but excluding the
date of redemption. In the event the Company elects to redeem the Notes,
notice will be given to registered holders not more than 60 nor less than
10 days prior to the date the Notes are to be redeemed.
Certain Investment Considerations:
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The Company has the option to redeem the Notes on May 27, 2001 and on any
interest payment date thereafter. The Company may be expected to redeem
the Notes in the event market interest rates at the time that the Company
considers redeeming the Notes are lower than the interest rate on the
Notes.
Supplemental Plan of Distribution:
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Under the terms of and subject to the conditions of an agreement, dated
as of May 20, 1999, between Bear, Stearns & Co. Inc. and the Company,
Bear, Stearns & Co. Inc., acting as principal, has agreed to purchase,
and the Company has agreed to sell, the Notes at 100% of their principal
amount. Bear, Stearns & Co. Inc. will receive no commission in respect of
the sale of the Notes. An affiliate of Bear, Stearns & Co. Inc. may
receive compensation in connection with a swap agreement to be entered
into with the Company.