Never trust the Giant Squid GS!
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Estee Lauder borrows full $1.5 billion under revolving credit facility, suspends dividend
Estee Lauder Cos. undefined said Wednesday that it has taken a number of measures in light of the coronavirus pandemic, including borrowing the full $1.5...
Estee Lauder Cos. EL, -3.03% said Wednesday that it has taken a number of measures in light of the coronavirus pandemic, including borrowing the full $1.5 billion available under its revolving credit facility. The beauty company has also suspended its dividend, issued $700 million in 2.6% senior unsecured notes that mature in 2030 and furloughed employees. From May 1 through October 30, Executive Chairman William Lauder and Chief Executive Fabrizio Freda will have their salaries halved, the executive leadership team will cut their salaries by 30% and other members of management will cut their salaries by 10% to 20%. Leonard Lauder, chairman emeritus, and Ronald Lauder, chairman of Clinique Laboratories, LLC, will have their pay cut nearly entirely. And the board will forego compensation until November. Estee Lauder says stores across Asia are reopening though those in other parts of the world and travel retail outlets remain closed or curtailed. And Estee Lauder has taken philanthropic steps, including a donation of two million surgical masks to frontline workers. Estee Lauder stock was down 1.2% in premarket trading and down 1.3% over the past year. The S&P 500 index SPX, -2.68% has slipped 2.1% over the last 12 months.
