Shearman & Sterling represented Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Barclays Capital Inc. and Credit Suisse Securities (USA) LLC as joint book-running managers in the offering by Avon International Capital p.l.c. of $400 million 6.50% senior secured notes due 2022. The notes are guaranteed by Avon Products, Inc. (“Avon”), the issuer’s parent company, and certain of Avon’s subsidiaries.

Concurrently, Shearman & Sterling also represented Goldman Sachs & Co. LLC as the dealer manager in the related cash tender offer by Avon for any and all of its 4.60% notes due 2020.

Avon is a global manufacturer and marketer of beauty and related products, with approximately five million active representatives as of December 31, 2018 who sell its products to consumers.

The Shearman & Sterling team below was assisted by Spencer Barrowes (New York-Finance Group).