March 4, 2021

The Estée Lauder Companies issues $600 million of Senior Notes

THE WHAT? The Estée Lauder Companies (ELC) has announced the offering and pricing of $600 million of 1.950 percent Senior Notes, due 2031.

THE DETAILS The offering was made with the Securities and Exchange Commission and is expected to close 4thMarch, 2021.

According to a press release, BofA Securities, Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and MUFG Securities Americas Inc. are the joint book-running managers for the offering.

THE WHY? ELC is looking to use the net proceeds for general corporate purposes, with a portion of the purchase price to increase its investment into Deciem.

Other uses, according to the press release, may include, “operating expenses, working capital, capital expenditures and redemption and repayment of short-term or long-term borrowings, including refinancing the 1.700% Senior Notes due May 10, 2021. Pending any specific application, the Company may initially invest funds in short-term marketable securities.”

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