Avon starts roadshow for $350 million secured notes due August 2022; guidance 6¾%-7%

By Paul A. Harris

Portland, Ore., June 24 – Avon International Capital plc started a roadshow on Monday in New York for a $350 million offering of senior secured notes due Aug. 15, 2022 (existing ratings Ba1/BB-/BB+), according to market sources.

Initial guidance has the deal coming to yield 6¾% to 7%, a trader said.

The roadshow continues on Tuesday in New York and moves to Boston on Wednesday, with the notes set to price thereafter.

The Rule 144A and Regulation S notes come with the same maturity and call structure as the existing 7 7/8% notes due Aug. 15, 2022 but will trade under a separate Cusip number. The two series of notes will be non-fungible.

Goldman Sachs & Co. LLC is the left bookrunner. Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The notes become callable after Aug. 15, 2019 at 103.938, the same as existing notes.

The New York-based manufacturer and marketer of beauty care products plans to use the proceeds to fund a tender offer for its 6.4% senior notes due 2020.

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