By Paul A. Harris
Portland, Ore., June 25 – Avon International Capital plc priced an upsized $400 million issue of 6½% senior secured notes due Aug. 15, 2022 (Ba1/BB-) at par to yield 6.503% on Tuesday, according to a syndicate source.
The issue size was increased from $350 million.
The price talk was 6½% to 6¾%.
The notes came 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 was the left bookrunner. Joint bookrunners were Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC.
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.
| Issuer: | Avon International Capital plc
|
| Amount: | $400 million, increased from $350 million
|
| Maturity: | Aug. 15, 2022
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6.503%
|
| Spread: | 479 bps
|
| First call: | Aug. 15, 2019 at 103.938
|
| Trade date: | June 25
|
| Settlement date: | July 3
|
| Ratings: | Moody's: Ba1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Roadshow
|
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