The board of Natura has approved the issue of US$1.15 billion in bonds on the international market, according to a report published by Reuters. The funds raised will be used to repay debt incurred to fund part of its acquisition of The Body Shop last year.

The securities are the first step in deleveraging following its Body Shop purchase, a move Natura’s Executive President, Joao Paulo Ferreira, has marked out as a priority for the company. The Brazilian cosmetics manufacturer is hoping to reduce debt to its level prior to the acquisition by 2022.

In a securities filing, the company stated that the bonds could not be sold on the US markets without prior authorization, except to reserved institutional investors.