Oriflame sets guidance in $850 million equivalent two-part offering of fixed-, floating-rate notes

By Paul A. Harris

Portland, Ore., April 21 – Oriflame Holding AG has been marketing $850 million equivalent of five-year senior secured notes (B1/B+/BB-) in two tranches, sources say.

The deal features $550 million of fixed-rate notes, which come with two years of call protection and with initial guidance in the mid-5% area.

The offering also features €250 million of floating-rate notes with one year of call protection. Initial guidance is three-month Euribor plus 450 basis points to 475 bps.

The notes could price as early as Thursday, a trader said.

Goldman Sachs is leading the offering.

The Schaffhausen, Switzerland-based supplier of beauty and personal care products plans to use the proceeds plus approximately €100 million of available cash to redeem its outstanding €750 million equivalent senior secured notes due 2024.

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