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Strategies & Market Trends : Speculating in Takeover Targets

ULBI 5.800

-0.9%

Dec 24 11:27 AM EST

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To: richardred who wrote (3288)	3/14/2013 12:09:33 PM
From: richardred	Read Replies (1) of 7254

RE:OMPI Sink or swim tomorrow. Earnings after the close. P.S. With past AVP rumors on OMPI- Does general corporate purposes mean spending some money on synergistic acquisitions? Or will Sherri just keep repairing the the boat from inside? Theoretically speaking, any OMPI would most likely not be accretive to earnings. Plus the last acquisition (Silpada)was a disaster. L'Oreal still looking for bolt ons. reuters.com OMPI Skin care products are expensive. L’Oreal adds direct sale of luxury range in Romania, sees growth potential for expensive cosmetics. romania-insider.com Avon closes $1.5B note offering, will repay debt Avon Products closes on $1.5 billion notes offering; plans to repay $1.9 billion of debt NEW YORK (AP) -- Avon has completed a public offering of $1.5 billion senior unsecured notes and entered into a $1 billion four-year unsecured revolving credit facility. The refinancing activities have improved the company's balance sheet and increased its financial flexibility, said Kimberly Ross, who is executive vice president and chief financial officer. Ross said the refinancing is "critical to our ability to successfully execute Avon's turnaround." Its stock gained 20 cents to $20.38 in midday trading. Avon Products Inc. has embarked on a turnaround plan after suffering through declining sales, a bribery investigation and other problems. It hired new CEO Sheri McCoy last April and has begun to slash costs, hoping to save $400 million in three years, cut its dividend, laid off workers and exited some less profitable markets like Vietnam and South Korea. The beauty products company had issued the notes earlier this month and at that time said that it would use proceeds to refinance debt and for general corporate purposes. On Thursday Avon said that the net proceeds from the notes totaled $1.48 billion, after transaction costs. The New York company said that it plans to repay $1.9 billion of debt. Avon said that the $1 billion revolving credit facility replaces a previous $1 billion revolving credit facility.

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