Avon Products gets waiver from holders of 2.6%, 4.03%, 4.18% notes

By Jennifer Chiou

New York, Jan. 3 - Avon Products, Inc. received a waiver until Jan. 31 from holders of its $142 million of 2.6% senior notes series A due 2015, $290 million of 4.03% senior notes series B due 2020 and $103 million of 4.18% senior notes series C due 2022, according to an 8-K filed with the Securities and Exchange Commission.

As reported, the company is seeking an amendment to the Nov. 23, 2010 note purchase agreement covering the securities to, among other things, modify certain financial definitions related to the interest coverage ratio covenant.

The waiver applies if Avon is unable to comply with the interest coverage ratio covenant as of Dec. 31.

Avon is a New York-based manufacturer and distributor of beauty, household and personal care products.

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