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S&P gives Natura & Co notes BB
S&P said it gave BB issue and 3 recovery ratings to Natura & Co Luxembourg Holding's planned senior unsecured notes of up to $600 million with maturity between five and seven years. The 3 recovery rating indicates average recovery (50%-70%) in default.
Parent Natura & Co Holding SA and its main subsidiary Natura Cosmeticos SA will guarantee the notes. The agency rates both companies BB.
Natura & Co will use the proceeds for general corporate purposes and for debt refinancing, mostly of which will consist of prepayment of Avon Products' senior unsecured notes due 2023.
The outlook is stable.
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