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

Clifford Chance represented client L'Oréal in connection with a new €3 billion bond issuance under L'Oréal's EMTN programme, intended in part to finance the acquisition of Kering Beauté. The transaction consisted of a three-tranche issuance totalling €3 billion under L'Oréal's EMTN programme. The issuance comprises: - a €850 million tranche maturing in 2 years with a floating coupon of 3-month Euribor + 0.20% per annum; - a €1 billion tranche maturing in 5 years with a fixed coupon of 2.750% per annum; and - a €1.15 billion tranche maturing in 10 years long with a fixed coupon of 3.375% per annum. The proceeds of the issuance will be applied to the company's general corporate purposes, notably to partly finance the acquisition of Kering Beauté. The bonds are rated AA (stable) by S&P and Aa1 (stable) by Moody's and have been admitted to trading on Euronext Paris as of 19 November 2025. The banking syndicate for the transaction 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 client L'Oréal with a team composed by: Cédric Burford, Partner; Auriane Bijon, Counsel; Batoul Laanani, Senior Associate; and Santiago Ramirez, Associate. L'Oréal in-house legal department represented client L'Oréal with a team composed by: Arnaud de Rochebrune, Director Legal M&A, Licences and Financing; and Mélina Krouri, Head of Legal Banking and Finance.

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

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