The world's largest door-to-door cosmetics seller will sell $250 million each of five-year and 10-year notes, the person said. Terms aren't set, but Avon filed with the U.S. Securities and Exchange Commission yesterday for an unspecified debt offering.

The notes will contain a so-called poison put that would allow investors to sell the bonds back at 101 cents on the dollar if there is a change in control at the New York-based company, the person said.