- entered into a new four-year $1 billion unsecured Revolving Credit Facility Agreement, replacing the previous $1 billion Revolving Credit Facility Agreement,
- issued $1.5 billion of unsecured notes generating net proceeds of $1.48 billion (after transaction costs) with maturities of 3, 7, 10 and 30 years,
- repaying $1.9 billion of debt including:
- $380 million of the $550 million term loan
- $125 million 4.625% Notes due May 15, 2013 at maturity
- $535 million private notes (plus make-whole)
- anticipated redemption of $500 million 5.625% Notes due 2014 (plus make-whole)
- $250 million 4.80% Notes due March 1, 2013 paid with cash on hand,
- utilizing $400 million in cash to reduce leverage, and
- negotiated covenants to now provide necessary flexibility to support the turnaround.
Avon Completes Refinancing Activities
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