Avon Announces Senior Secured Notes Offering

NEW YORK, Aug. 1, 2016 /PRNewswire/ — Avon Products, Inc. (NYSE: AVP)(the “Company” or “Avon“) announced today that Avon International Operations, Inc., Avon’s wholly-owned subsidiary (the “Issuer“), intends to offer $400,000,000 in aggregate principal amount of its senior secured notes due 2022 (the “Offering“). The notes will be guaranteed by the Company and each of the Company’s current and future wholly-owned domestic subsidiaries that is a guarantor under the Issuer’s Revolving Credit Agreement, dated as of June 5, 2015 (as amended or supplemented, the “First Lien Revolving Credit Facility“). The notes and guarantees will be secured equally and ratably by the assets of the Issuer and its subsidiaries that secure the First Lien Revolving Credit Facility.

The Company intends to use the proceeds from this offering, together with cash on hand, to complete tender offers for certain series of the Company’s existing senior notes, which it is launching concurrently with the Offering.

The notes will be offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act“).The notes will not be registered under the Securities Act, and may not be offered or sold in the U.S. without registration under the Securities Act or pursuant to an applicable exemption from such registration.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security and does not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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