A still from the video by SK-II: Marriage Market Takeover

Procter & Gamble is buying up to $1.25 billion of its debt, aiming to retire high-interest debt in a low-interest environment.

The company has commenced a debt tender offer for 8.75 percent debentures due in 2022, 8 percent debenture due in 2024, 8 percent debentures due in 2026, 6.45 percent debentures due in 2026, 6.25 percent notes due in 2030, 5.125 percent notes due in 2017, 5.5 percent notes due in 2034, 5.55 percent notes due in 2037, 5.25 percent notes due in 2033, 4.875 percent notes due in 2027 and 4.125 percent notes due in 2020.

Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are acting as dealer managers for the tender officer. D.F. King & Co. Inc. is the information and tender agent. The offer expires Nov. 14.

P&G owns Gillette, Head & Shoulders, Olay, Pantene, SK-II and a handful of consumer products brands, including Pampers and Tide. The company just completed the sale of 41 beauty brands to Coty Inc. as part of a plan to focus on its core businesses.

At the company’s shareholder meeting earlier in October, P&G executives stood by the deal, noting that Coty paid about $5 billion more than the value that P&G felt it could create for the brands, according to chief financial officer Jon Moeller.

The business also noted growth in the scent booster category. In grooming and other categories, chief executive officer David Taylor said: “Each of our brands works to improve their consumer value and that’s a combination of the performance of the product as well as the price that it has. Every category is trying to understand for the consumers it wants to serve how to do that better. Those products are superior — to some extent depending on price, some consumers may find it a good value, some may not. And what we’re working to do on every single category is listen to the consumers improve the product performance and then have a price that causes the total proposition to have good value.”

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