Oriflame sets talk in $850 million equivalent two-part notes offering; pricing expected Thursday

By Paul A. Harris

Portland, Ore., April 22 – Oriflame Holding AG set price talk in its approximately $850 million equivalent two-part offering of five-year senior secured notes (B1/B+/BB-), according to market sources.

The deal features $550 million of fixed-rate notes, which come with two years of call protection, talked to yield 5¼% to 5½%, tight to initial guidance in the mid-5% area.

The offering also features €250 million of floating-rate notes with one year of call protection, talked with a spread to three-month Euribor in the 450 basis points area, tight to the 450 bps to 475 bps spread talk.

The deal is expected to price on Thursday.

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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