Estee Lauder offers senior notes in three parts via five bookrunners

By Mary-Katherine Stinson

Lexington, Ky., May 9 – Estee Lauder Cos. Inc. plans to price fixed-rate senior notes (A1/A+) in three parts, according to a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call until some months before maturity, after which they will be callable at par.

Any change of control will make the notes putable at 101.

BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the sale. BNP Paribas Securities Corp. and MUFG Securities Americas Inc. are also acting as joint bookrunners.

U.S. Bank Trust NA is the trustee.

Weil, Gotshal & Manges LLP serves as legal counsel for Estee Lauder. Davis Polk & Wardwell LLP is legal counsel for the bookrunners.

Proceeds will be used for general corporate purposes, including operating expenses, working capital, capital expenditures and redemption and repayment of short-term or long-term borrowings, including outstanding commercial paper as it matures. As of May 5, the company had $3.251 billion of short-term commercial paper outstanding, maturing at various times through October, at an average interest rate of 5.07%.

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

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