By Paul A. Harris
Portland, Ore., Nov. 22 – Coty Inc. priced a $500 million issue of senior secured notes due Jan. 15, 2029 (B1/B+) at par to yield 4¾% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 4¾% area. Initial guidance was in the high 4% area.
BofA Securities Inc. managed the sale.
Proceeds will be used to repay all of the euro-denominated loans outstanding under Coty’s existing senior secured term A credit facility and a portion of the amount outstanding under its senior secured revolver due April 2023.
The issuing entities, HFC Prestige Products, Inc. and HFC Prestige International U.S. LLC, are wholly owned subsidiaries of Coty, a New York-based beauty company.
| Issuers: | HFC Prestige Products, Inc. and HFC Prestige International U.S. LLC
|
| Amount: | $500 million
|
| Securities: | Senior secured notes
|
| Maturity: | Jan. 15, 2029
|
| Lead: | BofA Securities Inc.
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| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 322 bps
|
| First call date: | Jan. 15, 2025
|
| Trade date: | Nov. 22
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody’s: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% area
|
| Marketing: | Drive-by
|
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