Coty Raises €500 Through Debt Offering

Beauty company Coty Inc COTY said it, along with its wholly-owned subsidiaries, HFC Prestige Products Inc and HFC Prestige International U.S. LLC, has launched an offering of €500 million aggregate principal amount of senior secured notes.

The notes will be senior secured obligations of the issuers and will be guaranteed on a senior secured basis by each of Coty's subsidiaries.

The interest rates and other key terms of the notes will be determined at the time of pricing.

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Coty intends to use the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility.

Coty owns a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care.

Coty held $283.8 million in cash and equivalents as of June 30, 2023. Financial net debt at the end of Q4 remained relatively stable at $4.0 billion.

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Price Action: COTY shares closed lower by 0.44% at $11.31 on Friday.