Avon guiding $400 million secured notes due 2022 in 8% area; pricing expected this week

By Paul A. Harris

Portland, Ore., Aug. 2 – Avon Products, Inc. is in the market with a $400 million offering of senior secured notes due 2022, according to market sources.

Initial guidance has the notes pricing with a yield in the 8% area, they add.

The Rule 144A and Regulation S deal, which is being led by BofA Merrill Lynch, is expected to price by the end of the present week.

The New York-based manufacturer and marketer of beauty care products plans to use the proceeds, along with cash on hand, to fund tender offers for its 5¾% notes due 2018, its 4.2% notes due 2018, its 6½% notes due 2019 and its 4.6% notes due 2020.

The issuing entity will be subsidiary Avon International Operations Inc.

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