Clifford Chance advises L’Oréal on its new 1.25 billion euro bond issuance

Clifford Chance has advised L’Oréal on a new bond issuance under its EMTN programme for an aggregate nominal amount of 1.25 billion euro. The offering is composed of two series:

• 750 million euro 3-year fixed rate bond with a coupon of 2.50% per annum; and
• 500 million euro 7-year fixed rate bond with a coupon of 2.875% per annum.

The net proceeds of the bonds will be used for general corporate purposes including to refinance in part the acquisition of the Galderma stake.

The bonds are rated AA by S&P and Aa1 by Moody’s and are admitted to trading on Euronext Paris since 6 November 2024.

The banks syndicate was composed of BNP Paribas, BofA Securities, Citigroup, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs Bank Europe SE, HSBC, J.P. Morgan, Morgan Stanley, Natixis, Santander Corporate & Investment Banking and Société Générale Corporate & Investment Banking.

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