By Andrea Heisinger
Omaha, Feb. 27 - Avon Products, Inc. priced $500 million of notes (A2/A/A) in two tranches Wednesday, an informed source said.
The $250 million of 4.8% five-year notes priced at 99.855 to yield 4.833%, or Treasuries plus 195 basis points.
The $250 million of 5¾% 10-year notes priced at 99.655 to yield 5.796%, or Treasuries plus 195 bps.
Both tranches had price talk in the area of 200 bps more than Treasuries.
The notes feature a change-of-control put of 101%.
Bookrunners were Citigroup Global Markets Inc. and Goldman Sachs & Co.
Proceeds will be used to repay commercial paper borrowings and for general corporate purposes.
The beauty products company is based in New York City.
| Issuer: | Avon Products, Inc.
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Trade date: | Feb. 27
|
| Settlement date: | March 3
|
| Change-of-control put: | 101%
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | March 1, 2013
|
| Coupon: | 4.8%
|
| Price: | 99.855
|
| Yield: | 4.833%
|
| Spread: | Treasuries plus 195 bps
|
| Price talk: | 200 bps area
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | March 1, 2018
|
| Coupon: | 5¾%
|
| Price: | 99.655
|
| Yield: | 5.796%
|
| Spread: | Treasuries plus 195 bps
|
| Price talk: | 200 bps area
|
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