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Avon talks $350 million notes due August 2022 to yield 6½%-6¾%; pricing Tuesday
By Paul A. Harris
Portland, Ore., June 25 – Avon International Capital plc talked its $350 million offering of senior secured notes due Aug. 15, 2022 (Ba1/BB-) to yield 6½% to 6¾%, according to market sources.
Official talk comes tighter than the 6¾% to 7% initial guidance, a trader said.
Books close at 2 p.m. ET on Tuesday, and the deal is set to allocate later on Tuesday.
The Rule 144A and Regulation S notes come with the same maturity and call structure as the existing 7 7/8% notes due Aug. 15, 2022 but will trade under a separate Cusip number. The two series of notes will be non-fungible.
Goldman Sachs & Co. LLC is the left bookrunner. Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.
The notes become callable after Aug. 15, 2019 at 103.938, the same as existing notes.
The New York-based manufacturer and marketer of beauty care products plans to use the proceeds to fund a tender offer for its 6.4% senior notes due 2020.
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