Filed Pursuant to Rule 433
Registration Statement No. 333-225076
April 7, 2020
FINAL TERM SHEET
April 7, 2020
2.600% Senior Notes due 2030
Issuer: | | The Estée Lauder Companies Inc. |
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Security: | | 2.600% Senior Notes due 2030 (the “Notes”) |
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Size: | | $700,000,000 |
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Maturity Date: | | April 15, 2030 |
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Coupon: | | 2.600% |
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Interest Payment Dates: | | April 15 and October 15, commencing October 15, 2020 |
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Price to Public: | | 99.816% |
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Benchmark Treasury: | | 1.500% due February 15, 2030 |
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Benchmark Treasury Price and Yield: | | 106-29; 0.771% |
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Spread to Benchmark Treasury: | | + 185 bps |
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Yield: | | 2.621% |
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Optional Redemption: | | At any time prior to January 15, 2030 (three months prior to the maturity date of the Notes), Make-Whole Call at Treasury + 30 bps On or after January 15, 2030 (three months prior to the maturity date of the Notes), Par Call |
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Reference Treasury Dealers: | | BofA Securities, Inc., Citigroup Global Markets Inc. or J.P. Morgan Securities LLC |
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Expected Settlement Date: | | April 13, 2020, which is the third business day (as defined in applicable SEC rules) following the date hereof (such settlement cycle being referred to as “T+3”). Purchasers should note that the ability to settle secondary market trades of the notes effected on any date prior to two business days before delivery of the notes may be affected by the T+3 settlement. |
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CUSIP / ISIN: | | 29736R AQ3 / US29736RAQ39 |
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Anticipated Ratings: | | A1 (stable) by Moody’s Investors Service, Inc. A+ (negative) by Standard & Poor’s |
Joint Book-Running Managers: | | BofA Securities, Inc. Citigroup Global Markets Inc. J.P. Morgan Securities LLC BNP Paribas Securities Corp. MUFG Securities Americas Inc. |
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Co-Managers: | | Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. ICBC Standard Bank Plc RBC Capital Markets, LLC SG Americas Securities, LLC U.S. Bancorp Investments, Inc. BBVA Securities Inc. Loop Capital Markets LLC Siebert Williams Shank & Co., LLC |
Note: | A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
The Estée Lauder Companies Inc. has filed a registration statement (including a prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, The Estée Lauder Companies Inc., any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322, by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or by calling J.P. Morgan Securities LLC collect at 1-212-834-4533.
This final term sheet supplements, and should be read in conjunction with, The Estée Lauder Companies Inc. preliminary prospectus supplement dated April 7, 2020 and accompanying prospectus dated May 21, 2018 and the documents incorporated by reference therein.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.
