THE WHAT? The Estee Lauder Companies has announced the offering and pricing of some US$2 billion in Senior Notes.
THE DETAILS The offering comprises US$700 million aggregate principal amount of its 4.375 percent Senior Notes, due 2028; US$700 million aggregate principal amount of its 4.65 percent Senior Notes, due 2033 and US$600 million aggregate principal amount of its 1.15 percent Senior Notes, due 2053 and is due to close today.
THE WHY? After a rocky few quarters and the acquisition of Tom Ford, the US prestige beauty giant is presumably in need of capital. Lauder said in a statement that the funds raised would be used for ‘general corporate purposes’.
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