Avon enters new $1 bln credit agreement

Nov 5 (Reuters) - Avon Products Inc (AVP.N) obtained a new $1 billion revolving credit facility, replacing an existing line of credit of the same size, the company said on Friday.

The new three-year facility with Citibank replaces a $1 billion credit line from January 2006 with Citibank that was set to expire in January 2011, according to a filing with the Securities and Exchange Commission.

The new line can be extended by up to two years and $250 million.

Avon shares were up 1.7 percent to $29.52 in morning trading on the New York Stock Exchange.

(Reporting by Jon Lentz; editing by John Wallace)