THE WHAT? Avon Products, Inc. announced the preliminary results of its offer to repurchase all outstanding 6.950% Notes due in 2043 and related consent solicitation.
THE DETAILS By August 2, 2023, 5:00 p.m., New York City time, Avon had secured notes and consents equivalent to a principal amount of US$193,962,000, accounting for about 89.76% of the outstanding amount. These tendered notes cannot be pulled back unless mandated by law. Holders who submitted their notes by this date qualify for the Total Consideration, which includes an Early Tender Payment plus accrued interest. The expected settlement date is August 8, 2023. The table provided outlines the financial details of the offer.
THE WHY? The buyback initiative and associated consent solicitation will continue until 5:00 p.m., New York City time, on August 7, 2023. Avon’s obligation to purchase is contingent upon certain conditions, including receiving intercompany financing from an affiliate. Avon retains the right to modify or terminate the offer at its discretion and may decline any note tenders without specifying a reason. The conditions and specifics of the offer are detailed in the Offer to Purchase document dated July 11, 2023.