Overview
- The offering comprises a €850 million 2‑year floating‑rate note at three‑month Euribor plus 20 bps, a €1.0 billion 5‑year fixed at 2.750%, and a €1.15 billion long 10‑year fixed at 3.375%.
- The notes are rated AA by S&P and Aa1 by Moody’s and are scheduled to settle on 19 November 2025 with admission to trading on Euronext Paris.
- L’Oréal said net proceeds will be used for general corporate purposes, including financing part of the Kering Beauté purchase.
- Investor orders totaled about €8.4 billion, with guidance tightened to roughly +25 bps versus three‑month Euribor on the 2‑year, around +45 bps over midswaps on the 5‑year, and about +75 bps on the long 10‑year.
- Société Générale, Natixis, J.P. Morgan and Citi acted as global coordinators, alongside Standard Chartered, ING, Barclays and HSBC as active joint bookrunners; the broader pact transfers The House of Creed, grants long‑term beauty licenses for Bottega Veneta, Balenciaga and later Gucci, and includes a 50/50 joint venture.