NEW YORK, Aug. 1, 2016 /PRNewswire/ -- Avon Products,
Inc. (NYSE: AVP)(the "Company" or "Avon") announced today that Avon
International Operations, Inc., Avon's wholly-owned subsidiary (the
"Issuer"), intends to offer $400,000,000 in aggregate principal amount of its
senior secured notes due 2022 (the "Offering"). The notes
will be guaranteed by the Company and each of the Company's current
and future wholly-owned domestic subsidiaries that is a guarantor
under the Issuer's Revolving Credit Agreement, dated as of
June 5, 2015 (as amended or
supplemented, the "First Lien Revolving Credit Facility").
The notes and guarantees will be secured equally and ratably by the
assets of the Issuer and its subsidiaries that secure the First
Lien Revolving Credit Facility.
The Company intends to use the proceeds from this offering,
together with cash on hand, to complete tender offers for certain
series of the Company's existing senior notes, which it is
launching concurrently with the Offering.
The notes will be offered and sold to qualified institutional
buyers in the United States
pursuant to Rule 144A and outside the
United States pursuant to Regulation S under the U.S.
Securities Act of 1933, as amended (the "Securities
Act").The notes will not be registered under the Securities
Act, and may not be offered or sold in the U.S. without
registration under the Securities Act or pursuant to an applicable
exemption from such registration.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and does not
constitute an offer, solicitation or sale of any security in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Forward-Looking Information
In addition to historical information, this release contains
forward-looking statements that are not historical facts or
information may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
"estimate," "project," "forecast," "plan," "believe," "may,"
"expect," "anticipate," "intend," "planned," "potential," "can,"
"expectation," "could," "will," "would" and similar expressions, or
the negative of those expressions, may identify forward-looking
statements. Such forward-looking statements are based on
management's reasonable current assumptions, expectations, plans
and forecasts regarding the Company's and the Issuer's current or
future results and future business and economic conditions more
generally. Such forward-looking statements involve risks,
uncertainties and other factors, which may cause the actual
results, levels of activity, performance or achievement of the
Company or the Issuer to be materially different from any future
results expressed or implied by such forward-looking statements,
and there can be no assurance that actual results will not differ
materially from management's expectations. Therefore, you should
not rely on any of these forward-looking statements.
Additional information identifying such factors is contained in
Item 1A of Avon's Annual Report on
Form 10-K for the year ended December 31,
2015, Avon's Quarterly
Report on Form 10-Q for the quarter ended March 31, 2016, other reports and documents
Avon files with the Securities and
Exchange Commission. Avon
undertakes no obligation to update any forward-looking
statements.
All forward-looking statements contained in this release are
qualified in their entirety by this cautionary statement.
Forward-looking statements speak only as of the date they are or
were made, and Avon does not
intend to update or otherwise revise the forward-looking statements
to reflect events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events, except as
required by law.
About Avon Products, Inc.
Avon is the company that for
130 years has proudly stood for beauty, innovation, optimism and,
above all, for women. Avon
products include well-recognized and beloved brands such as ANEW,
Avon Color, Avon Care, Skin-So-Soft, and Advance Techniques sold
through nearly 6 million active independent Avon Sales
Representatives.
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SOURCE Avon Products, Inc.