THE WHAT? L’Oreal has announced that it has priced a public bond offering for €1.5 billion. The offering comprises two tranches: a €800 million, three-year fixed rate bond paying 3.375 percent per annum; and a €700 million, six-year fixed rate bond paying 3.375 percent per annum.

THE DETAILS The bonds have received an AA rating by S&P and Aa1 by Moody’s and will be admitted to trading on the Euronext Paris from the settlement date at the end of the week.

THE WHY? The net proceeds will be used by the French beauty giant to refinance in part its outstanding €1 billion, 0.375 percent bond, due March 29, 2024 and €750 million variable rate bond, due March 2024.