Under the terms of the transaction, an affiliate of Cerberus invested $435 million in Avon in exchange for Avon convertible perpetual preferred stock. Assuming the conversion of the preferred stock to common stock at the conversion price of $5.00 per share, this equates to an ownership interest of approximately 16.6% as of March 1, 2016. In addition, Avon's North America business has been separated into a privately-held entity, in which an affiliate of Cerberus has invested $170 million for an approximate 80% ownership interest. Avon maintains an approximate 20% interest in New Avon LLC.