By Aleesia Forni
Virginia Beach, June 1 – Estee Lauder Cos. Inc. was in the market on Monday with $300 million of 4.375% senior notes (A2/A+/) due 2045 priced at Treasuries plus 155 basis points, according to a market source.
The notes sold at 97.999 to yield 4.497%.
Pricing was wide of initial price thoughts set in the 145 bps area over Treasuries.
Citigroup Global Markets Inc. and Goldman Sachs & Co. were the active bookrunners. BofA Merrill Lynch and J.P. Morgan Securities LLC were the passive bookrunners.
Proceeds will be used for general corporate purposes, which may include repayment of outstanding commercial paper and other debt, acquisitions, working capital, capital expenditures and repurchases of common stock.
New York-based Estee Lauder is a manufacturer and marketer of skin care, makeup, fragrance and hair care products.
| Issuer: | Estee Lauder Cos. Inc.
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| Amount: | $300 million
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| Description: | Senior notes
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| Maturity: | June 15, 2045
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., BofA Merrill Lynch, J.P. Morgan Securities LLC
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| Coupon: | 4.375%
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| Price: | 97.999
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| Yield: | 4.497%
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| Spread: | Treasuries plus 155 bps
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| Trade date: | June 1
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| Settlement date: | June 4
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| Ratings: | Moody’s: A2
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| Standard & Poor’s: A+
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| Price guidance: | Treasuries plus 155 bps area, widened from 145 bps area
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| Distribution: | SEC-registered
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