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Natura announces consent solicitation for Avon 6.95% notes due 2043
Chicago, Sept. 25 – Brazil’s Natura Cosmeticos SA announced consents are being solicited from holders of Avon Products, Inc.’s $243,847,000 of 6.95% notes due 2043, according to a news release.
The consent solicitations will run through 5 p.m. ET on Oct. 1.
Holders are being offered a consent fee of $12.50 per $1,000 principal amount of notes for their approval to amend the change-of-control definition ahead of this transaction.
Consents are being solicited to amend the definition of “change of control” in each indenture to provide that a contemplated merger will not constitute a change of control and to add to, amend, supplement or change some other related defined terms.
If the requisite consents are received, payment, subject to some conditions, is expected to be made two business days after expiration of the solicitations.
Consents are needed from holders of at least a majority of the principal amount of a series to effect the amendments to the relevant indenture.
On May 22, Natura Cosmetics entered into an agreement and plan of mergers under which Avon Products will become a wholly owned direct subsidiary of Natura & Co Holding.
Banco Bradesco BBI SA (646 432-6643), Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745), and Itau BBA USA Securities, Inc. (888 770-4828 or 212 710-6749) are acting as solicitation agents.
D.F. King & Co., Inc. (212 269-5550, 866 406-2285 or e-mail at avon@dfking.com) is the information and tabulation agent.
Natura is a Sao Paulo-based maker and marketer of cosmetics, household and personal care products. Avon is a New York-based beauty products company.
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