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Corporate Press Releases

Avon Completes Early Redemption of $238 Million March 2019 Bonds

Jun 18, 2018

  • Strengthens capital structure for future growth  
  • In line with plans to reduce debt and optimise Avon’s balance sheet

 

LONDON, June 18, 2018 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) ("the Company"), a globally recognized leader in direct selling of beauty and related products, today announced the early redemption of the remaining March 2019 bonds.

The redemption of the notes reflects the strength of the Company's cash generation and its balance sheet, which affords Avon the opportunity to pay down debt while investing in both the short term and longer term strategic initiatives that are expected to position Avon for sustained long term profitable growth.

The Company redeemed the outstanding principal amount of its 6.50% Senior Notes due March 1, 2019 at a redemption price equal to 102.588% of the principal amount thereof, plus accrued and unpaid interest to, but excluding June 18, 2018, the redemption date. The aggregate principal amount of the Notes outstanding was $237.823 million. The Company fully funded the redemption using cash flow from operations.

Jan Zijderveld, Chief Executive Officer, said: "This proactive bond redemption is evidence of our ongoing commitment to maintaining capital discipline whilst also providing flexibility to allow us to pursue both our short and long-term strategic priorities. This will support Avon along its pathway to sustainable profitable growth and I’m excited about the potential of the brand”.

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 approximately 6 million active independent Avon Sales Representatives. Learn more about Avon and its products at www.avoncompany.com.

Forward Looking Statements

This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including the execution of its strategic plan to create long term profitable growth. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Avon undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.

SOURCE Avon Products, Inc.

For further information: INVESTORS - Gina Grant, Avon Investor Relations, or Allison Malkin or Caitlin Morahan, ICR, Inc., (203) 682-8200; MEDIA - James Golden, or Leigh Parrish, or Adam Pollack, Joele Frank, Wilkinson Brimmer Katcher, 212-355-4449

 
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Avon Fact Sheet
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2016 Annual Report
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Avon Timeline
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