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Coty tenders for $100 million 6½%, €100 million 4¾% notes due 2026
By Wendy Van Sickle
Columbus, Ohio, Nov. 8 – Coty Inc. began offers to purchase for cash up to $100 million of its $550 million of outstanding 6½% senior notes due 2026 (Cusips: 222070AB0, U2203CAA9) and up to €100 million of its €250 million of outstanding 4¾% senior notes due 2026 (ISINs: XS1801788727, XS1801788305), according to a news release.
The company is offering a total consideration of $965 per $1,000 principal amount of the 6½% notes and €930 per €1,000 principal amount of the 4¾% notes.
The total considerations include an early tender premium of either $30 or €30 that will be paid only to holders who tender by 5 p.m. ET on Nov. 22, which is also the deadline to withdraw tenders.
The company will also pay accrued interest to the settlement date.
The offer will expire at 11:59 p.m. ET on Dec. 7.
Early settlement is expected on Nov. 28 and final settlement on Dec. 9.
Coty plans to fund the purchase of the tendered notes with available cash on hand and other sources of liquidity, including short-term borrowings under its revolving credit facility and cash generated from operations. The company said the purpose of the tender offers is to reduce its total outstanding public debt and interest expense.
BNP Paribas Securities Corp. (212 841-3059 or 888 210-4358), Citigroup Global Markets Inc. (212 723-6106 or 800 558-3756), Credit Agricole Securities (USA) Inc. (212 261-7802 or 866 807-6030) and Santander Investment Securities Inc. (212 940-1442 or 855 404-3636) are the dealer managers.
Global Bondholder Services Corp. (855 654-2014, 212 430-3774 or contact@gbsc-usa.com) is the tender and information agent.
Coty is a New York-based beauty company.
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