On April 7, 2020, Loop Capital Markets acted as a co-manager on a single-tranche, $700 million, senior unsecured bond offering for Estee Lauder. The 10-year notes are rated A1/A+.
Use of proceeds are earmarked 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, the Company may initially invest funds in short-term marketable securities. As of March 31, 2020, the Company had $200 million of short-term commercial paper outstanding, due at various dates through April 2020, at an average interest rate of 1.53%.