Shearman & Sterling represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Goldman, Sachs & Co. as joint book-running managers in connection with Avon International Operations, Inc.’s offering of 7.875% senior secured notes due 2022. The notes are guaranteed by Avon Products, Inc. (“Avon”), the issuer’s parent company.
Shearman & Sterling also represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Goldman, Sachs & Co. as dealer managers in connection with the related tender offers for several series of outstanding Avon notes. The tender offers consisted of cash tender offers for up to a total of $650 million aggregate principal amount of its (1) 5.750% notes due 2018; (2) 4.200% notes due 2018; (3) 6.500% notes due 2019; and (4) 4.600% notes due 2020.
Avon is a global manufacturer and marketer of beauty and related products, having sales operations in approximately 57 countries and territories and distributing products in 15 more. Avon’s business is conducted primarily through direct selling, with sales made to the ultimate consumer principally by independent representatives. As of December 31, 2015, Avon had nearly six million active independent representatives.
The Shearman & Sterling team included partner JD DeSantis (New York-Capital Markets); of counsel Robert Treuhold (New York-Capital Markets); and associates Naveen Pogula (New York-Capital Markets), Andrea Steeves (New York-Finance), Minsoo Kwon (New York-Capital Markets), Yi Han Goh (New York-Capital Markets), Hillary Bailey (New York-Corporate) and Erika Khalek (New York-Corporate). Other Shearman & Sterling lawyers involved in the transaction were partners Ethan Harris (Washington, DC-Tax) and Philip Urofsky (New York-Litigation); of counsel Dan Newcomb (New York-Litigation); and associate Eric Grosshandler (New York-Tax).