Avon tenders for any and all $386.99 million 4.6% notes due 2020

By Wendy Van Sickle

Columbus, Ohio, June 19 – Avon Products, Inc. began a cash tender offer for any and all of its $386,988,000 of outstanding 4.6% notes due 2020, according to a company news release.

For each $1,000 principal amount, the company is offering a total consideration of $1,027.70, which includes a $30.00 early tender premium for notes tendered by the early tender deadline, 5 p.m. ET on July 2.

The company will also pay accrued interest up to but excluding the settlement date.

Early settlement is expected on July 3 and final settlement within one business day following the expiration date.

The tender offer will expire at 11:59 p.m. ET on July 17.

There is no minimum tender condition, but the offer is conditioned on Avon consummating a financing transaction on satisfactory terms, among other things.

The company said it may issue a notice to redeem the remaining outstanding notes on or after the early settlement date.

The notes are redeemable at par plus a make-whole.

Goldman Sachs & Co. (800 828-3182 or 212 357-3316) is the dealer manager.

D.F. King & Co., Inc. (212 269-5550, 800 769-4414 or avon@dfking.com) is the tender and information agent.

Avon is a New York-based beauty products company.

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