Haleon (HLN) subsidiary Haleon US Capital has launched a cash tender offer for all $2 billion of its outstanding 3.375% fixed-rate senior notes due March 2027, the company said Tuesday.

The tender offer consideration will be determined using a fixed spread of 10 basis points over the 3.875% US Treasury due March 31, 2027, plus accrued and unpaid interest, the company said.

The tender offer will expire at 5:00 p.m. ET on Aug. 18, unless extended or earlier terminated by the company, according to a statement.

Haleon said the tender offer, together with a planned issuance of new bonds, is expected to help the company proactively manage and optimize its debt portfolio.

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