Estée Lauder Companies Borrows On Credit, Due To COVID-19 Crisis

The Estée Lauder Companies has announced it is issuing $700 million of senior notes, due to the COVID-19 crisis. 

The company stated it has "announced the offering and pricing of $700 million aggregate principal amount of its 2.600% Senior Notes due 2030."

The offering was made pursuant to an effective registration statement filed by The Estée Lauder Companies Inc. with the Securities and Exchange Commission. The closing of the offering is expected to occur today. 

The Company intends to use the net proceeds of the offering for general corporate purposes, which may include operating expenses, working capital, capital expenditures and redemption and repayment of short-term or long-term borrowings, including outstanding commercial paper as it matures.

Pending any specific application, it may initially invest funds in short-term marketable securities.

More info: Marketwatch reports that The Estée Lauder Companies has borrowed $1.3 billion from its line of credit -- and that the beauty company has a total of $1.5 billion in its revolving credit facility.  

Photos: via Estee Lauder