Clifford Chance advises L'Oréal on €3 billion EMTN bond issuance to finance part of Kering Beauté acquisition

"Clifford Chance advised L'Oréal on a €3 billion issuance under its EMTN programme to help finance part of the acquisition of Kering Beauté. The offering comprised three series, was rated AA (S&P) and Aa1 (Moody’s), and was admitted to trading on Euronext Paris on 19 November 2025."

Clifford Chance advised L'Oréal on a new bond issuance under the company's EMTN programme. The transaction comprised an aggregate nominal amount of €3 billion issued in three series: - €850 million 2‑year floating rate notes paying a coupon of Euribor 3‑month + 0.20% per annum; - €1 billion 5‑year fixed rate notes paying a coupon of 2.750% per annum; - €1.15 billion 10‑year fixed rate notes paying a coupon of 3.375% per annum. The net proceeds of the bonds will be used for general corporate purposes, including to finance part of L'Oréal's acquisition of Kering Beauté. The bonds were rated AA (stable) by S&P and Aa1 (stable) by Moody’s and were admitted to trading on Euronext Paris on 19 November 2025. The banks syndicate for the offering comprised Bank of China, Barclays, Citigroup, Crédit Agricole CIB, HSBC, ING, J.P. Morgan, Natixis, Scotiabank, Société Générale Corporate & Investment Banking and Standard Chartered Bank AG. Clifford Chance represented L'Oréal with a team composed by: Cédric Burford, partner; Auriane Bijon, counsel; Batoul Laanani, senior associate; and Santiago Ramirez, associate.

Clifford Chance advises L'Oréal on €3 billion EMTN bond issuance to finance part of Kering Beauté acquisition

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