Pricing Supplement No. 22 dated December 17, 1998 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.
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Principal Amount: $35,000,000 Original Issue Date: December 23, 1998
Interest Rate: 6.10% per annum Net Proceeds to Company: See "Supplemental
Stated Maturity Date: December 23, 2013 Plan of Distribution" below.
Agent's Discount or Commission: See
"Supplemental Plan of Distribution" below.
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Interest Payment Dates: The Company will pay interest on the
Notes in U.S. dollars on the twenty-third day of each
month, commencing January 23, 1999, up to and
including December 23, 2013 (with respect to the
final interest accrual period, interest on the Notes
will accrue from and including the preceding interest
payment date on November 23, 2013 to but excluding
December 23, 2013) 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:
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 December 17, 1998, the
Company's outstanding commercial paper had a weighted average interest
rate of 5.075% with maturities ranging from 1 to 89 days.
Optional Redemption:
The Company may at its option elect to redeem the Notes in whole, but
not in part, on December 23, 1999 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:
The Company has the option to redeem the Notes on December 23, 1999 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:
Under the terms of and subject to the conditions of an agreement, dated
as of December 17, 1998, 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.
