Oriflame guides €775 million equivalent two-part notes offering

By Paul A. Harris

Portland, Ore., July 24 – Sweden’s Oriflame Holding AG set initial guidance in its €775 million equivalent offering of five-year senior secured notes (B1//B+), according to a market source.

The deal is coming in dollar-denominated notes with initial talk in the low 9% area and euro-denominated notes with initial talk in the low-to-mid 7% area. Tranche sizes remain to be determined.

The company was expected to market the deal through the early part of the July 22 week.

Goldman Sachs is the lead.

The notes come with two years of call protection.

The issuing entity will be Walnut Bidco plc.

Proceeds will be used to repay a bridge loan put in place for the purpose of taking the Stockholm-based cosmetics company private.

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