THE WHAT? L’Oréal has announced that it has successfully priced a public bond offering for an aggregate nominal amount of €2 billion. The new issuance has benefitted from an exceptional market reception with total demand more than 2.2 times the combined volume of the offering.
THE DETAILS The offering comprises two tranches: a €1 billion two-year fixed-rate bond paying a coupon of 3.125 percent per annum and a €1 billion, five-year fixed rate bond paying a coupon of 2.875 percent per annum.
THE WHY? L’Oréal said in a statement that the net proceeds would be used for general corporate purposes, including the acquisition of Aesop.