New Issue: Estee Lauder prices $600 million 1.95% notes due 2031 at 57 bps over Treasuries

By Taylor Fox and Cristal Cody

New York, March 1 – Estee Lauder Cos. Inc. priced $600 million of 1.95% 10-year senior notes (A1/A+) on Monday at 99.34 to yield 2.023%, or Treasuries plus 57 basis points, according to an FWP filing with the Securities and Exchange Commission.

The notes were initially talked to yield in the 80 bps area over Treasuries.

BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and MUFG are the joint bookrunners.

Proceeds will be used for general corporate purposes, which may include, among other things, refinancing the company’s 1.7% senior notes due May 10, 2021.

The skin care, makeup, fragrance and hair care product manufacturer is based in New York.

Issuer:	Estee Lauder Cos. Inc.
Amount:	$600 million
Maturity:	March 15, 2031
Description:	Senior notes
Bookrunners:	BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and MUFG
Co-managers:	HSBC Securities (USA) Inc., ICBC Standard Bank plc, RBC Capital Markets, LLC, SG Americas Securities, LLC, U.S. Bancorp Investments, Inc., BBVA Securities Inc., Loop Capital Markets LLC and Siebert Williams Shank & Co., LLC
Coupon:	1.95%
Price:	99.34
Yield:	2.023%
Spread:	Treasuries plus 57 bps
Call features:	Make-whole call before Dec. 15, 2030 at Treasuries plus 10 bps; thereafter at par
Trade date:	March 1
Settlement date:	March 4
Ratings:	Moody’s: A1
	S&P: A+
Distribution:	SEC registered
Price talk:	Treasuries plus 80 bps area

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