Jafra board approves possible buyback of subsidiaries' 10¾% notes

By Laura Lutz

Des Moines, Sept. 12 - Jafra Worldwide Holdings (Lux) SàRL subsidiaries Jafra Cosmetics International, Inc. and Distribuidora Comercial Jafra, SA de CV received authorization from Jafra's board to buy back their 10¾% senior subordinated notes due 2011, according to an 8-K filing with the Securities and Exchange Commission.

The timing, size and terms of the note repurchases would be at the discretion of the companies' management.

The companies plan to fund any buybacks with cash on hand, loans from affiliates or borrowings under Jafra Worldwide's senior credit agreement.

Apart from any buybacks, the notes can be redeemed beginning on May 15, 2007 at premiums declining to par in 2009.

Luxembourg-based Jafra Worldwide is a holding company for cosmetics and skin-care companies.

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