THE WHAT? L’Oréal has successfully priced a €2 billion bond offering across three tranches, raising additional financing for general corporate purposes.
THE DETAILS The financing comprises an €850 million two-year floating-rate bond paying three-month Euribor plus 27 basis points, a €500 million three-year fixed-rate bond carrying a 3.75 percent coupon and a €650 million seven-year fixed-rate bond paying 4 percent. The bonds are expected to carry AA (Stable) and Aa1 (Stable) ratings from S&P and Moody’s respectively and will trade on Euronext Paris following settlement, scheduled for September 30. BNP Paribas, HSBC and Société Générale are acting as global coordinators, supported by Crédit Agricole CIB, Deutsche Bank, ING, Santander and Standard Chartered as active joint bookrunners.
THE WHY? The transaction strengthens L’Oréal’s access to long-term capital and provides additional financial flexibility for its broader corporate requirements, while spreading the €2 billion financing across short-, medium- and longer-term maturities.
Source: Global Newswire
