Avon Products intends to tap market for notes in two tranches

By Andrea Heisinger

New York, March 5 - Avon Products, Inc. announced an offering of notes (Baa1/BBB-/BBB-) in two tranches, according to a market source and a 424B3 filing with the Securities and Exchange Commission.

Pricing of the notes is not expected until "probably next week," a source close to the trade said.

"We just posted it," they added. "It's not a live deal."

The notes have a change-of-control put at 101%.

Bookrunners are BofA Merrill Lynch, Citigroup Global Markets Inc. and Goldman Sachs & Co.

Proceeds, along with cash on hand, will be used to repay debt and for general corporate purposes.

The New York-based beauty products company was last in the U.S. bond market with an $850 million sale in two tranches on Feb. 26, 2009.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.