Clifford Chance advises L’Oréal on its new 3 billion euro bond issuance to finance part of the acquisition of Kering Beauté

Clifford Chance has advised L’Oréal on a new bond issuance under its EMTN programme for an aggregate nominal amount of 3 billion euro. The offering is composed of three series:

• 850 million euro 2-year floating rate bond paying a coupon of Euribor 3-month + 0.2% per annum;
• 1 billion euro 5-year fixed rate bond paying a coupon of 2.750% per annum;
• 1.15 billion euro long 10-year fixed rate bond paying a coupon of 3.375% per annum.

The net proceeds of the bonds will be used for general corporate purposes including to finance part of the acquisition of Kering Beauté.

The bonds are rated AA (stable) by S&P and Aa1 (stable) by Moody’s and are admitted to trading on Euronext Paris since 19 November 2025.

The banks syndicate was composed of Bank of China, Barclays, Citigroup, Crédit Agricole CIB, HSBC, ING, J.P. Morgan, Natixis, Scotiabank, Société Générale Corporate & Investment Banking and Standard Chartered Bank AG.

Clifford Chance advised L’Oréal on this transaction with a team composed of Cédric Burford, partner, Auriane Bijon, counsel, Batoul Laanani, senior associate, and Santiago Ramirez, associate.