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Avon Products talks $1.5 billion split-rated note sale in four parts
By Andrea Heisinger
New York, March 7 - Avon Products, Inc. is preparing a $1.5 billion offering of notes (Baa2/BBB-/BB+) in four tranches for Thursday, a market source said.
The offering had been announced on Tuesday.
There are tranches due 2016, 2020, 2023 and 2043, the source said. The 30-year bond was added "on inquiry," the source said.
Whispered guidance on the three-year notes is in the 3% yield area; the seven-year notes are being talked in the high 4% to 5% area; and the 10-year tranche has guidance in the low to mid 5% area. The 30-year bonds are talked in the high 6% area, the source said.
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.
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