The FINANCIAL -- LONDON, June 18, 2018 -- Avon Products, Inc. announced the early redemption of the remaining March 2019 bonds.
The redemption of the notes reflects the strength of the Company's balance sheet, which affords Avon the opportunity to pay down debt while investing in both short term and longer term strategic initiatives that are expected to position Avon for sustained long term profitable growth, according to Avon.
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.