Avon Issues Notice of Redemption for Zero Coupon Convertible Senior Notes Due 2020
Jun 12, 2003
Avon Products, Inc. (NYSE: AVP) today announced that it has elected to redeem on July 12, 2003 its zero coupon convertible senior notes due 2020, which were originally issued in 2000. On July 12, 2003, Avon will pay a redemption price of $531.74 for each $1,000 principal amount at maturity of notes that then remain outstanding.
After July 12, 2003, the original issue discount on the notes will cease to accrue and the holders of the notes will only be entitled to receive the redemption price for the notes. The principal amount at maturity of the notes is $840,938,000.
Avon said that the notes are convertible into shares of the company's common stock any time prior to the close of business on July 11, 2003. Each $1,000 principal amount at maturity is convertible into 8.2723 shares of common stock.
Avon said that assuming no conversion of the notes into the company's common stock prior to July 12, the total amount Avon will pay to redeem the notes would be $447.2 million.
Avon is the world's leading direct seller of beauty and related products, with $6.2 billion in annual revenues. Avon markets to women in 143 countries through 3.9 million independent sales Representatives. Avon product lines include such recognizable brands as Avon Color, Anew, Skin-So-Soft, Advance Techniques Hair Care, beComing and Avon Wellness. Avon also markets an extensive line of fashion jewelry and apparel. More information about Avon and its products can be found on the company's award-winning web site www.avon.com.
SOURCE: Avon Products, Inc.
CONTACT: Media, Victor Beaudet, +1-212-282-5344, or Brian Martin,
+1-212-282-5103, or Investors, Renee Johansen or Rob Foresti, +1-212-282-5320,
all for Avon Products, Inc.
Web site: http://www.avon.com/
Company News On-Call: http://www.prnewswire.com/comp/079575.html
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