<SEC-DOCUMENT>0001104659-21-030081.txt : 20210301
<SEC-HEADER>0001104659-21-030081.hdr.sgml : 20210301
<ACCEPTANCE-DATETIME>20210301165616
ACCESSION NUMBER:		0001104659-21-030081
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210301
DATE AS OF CHANGE:		20210301

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESTEE LAUDER COMPANIES INC
		CENTRAL INDEX KEY:			0001001250
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				112408943
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-225076
		FILM NUMBER:		21698896

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		2125724200

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESTEE LAUDER COMPANIES INC
		CENTRAL INDEX KEY:			0001001250
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				112408943
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		2125724200

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm218012d3_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No. 333-225076</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 1, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINAL TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 1, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1.950% Senior Notes due 2031</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-top: 2.5pt; padding-bottom: 3pt"><B>Issuer:</B></TD>
    <TD STYLE="width: 62%; padding-top: 2.5pt; padding-bottom: 3pt">The Est&eacute;e Lauder Companies Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Security:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">1.950% Senior Notes due 2031 (the &ldquo;Notes&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Size:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">$600,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">March 15, 2031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Coupon:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">1.950%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">March 15 and September 15, commencing September 15, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Price to Public:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">99.340% </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">1.125% due February 15, 2031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Benchmark Treasury Price and Yield:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">96-31; 1.453%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">+57 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Yield:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">2.023%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Optional Redemption:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At any time prior to December 15, 2030 (three months prior to
        the maturity date of the Notes), Make-Whole Call at Treasury + 10 bps</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after December 15, 2030 (three months prior to the maturity
        date of the Notes), Par Call</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Reference Treasury Dealers:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">BofA Securities, Inc., BNP Paribas Securities Corp. or Goldman Sachs &amp; Co. LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Expected Settlement Date:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">March 4, 2021, which is the third business day (as defined in applicable SEC rules) following the date hereof (such settlement cycle being referred to as &ldquo;T+3&rdquo;). 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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt">29736R AR1 / US29736RAR12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Anticipated Ratings:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A1 (Stable) by Moody&rsquo;s Investors Service, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A+ (Stable) by Standard &amp; Poor&rsquo;s</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-top: 2.5pt; padding-bottom: 3pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 3pt"><B>Co-Managers:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ICBC Standard Bank Plc</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BBVA Securities Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank &amp; Co., LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note</B>:</P></TD>
    <TD STYLE="width: 95%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A securities rating is not a recommendation to buy, sell or
        hold securities and may be subject to revision or withdrawal at any time.</P></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Est&eacute;e 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 Est&eacute;e 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 BNP Paribas Securities Corp. toll-free at 1-800-854-5674 or by contacting Goldman
Sachs &amp; Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone: 1-866-471-2526, by facsimile: 212-902-9316
or by email: <U>Prospectus&#45;ny@ny.email.gs.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This final term sheet supplements, and should be read in conjunction
with,&nbsp;The Est&eacute;e Lauder Companies Inc. preliminary prospectus supplement dated March 1, 2021 and accompanying prospectus
dated&nbsp;May 21, 2018 and the documents incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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