S&P gives Natura Cosmeticos notes BB

S&P said it assigned its BB issue-level rating to Natura Cosmeticos SA's proposed up to $1.15 billion senior unsecured notes, with an intermediary tenor expected to be between five and seven years.

The notes will rank equal in right of payment with all of the issuer's existing and future senior unsecured debts.

The proceeds of the notes will be used to extend debt maturities, mainly to pay down the promissory notes issued to accomplish the acquisition of the Body Shop in third quarter 2017.

“Since the issuance will be neutral to company's leverage, it doesn't change our view of its credit quality,” the agency said in a news release.

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