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.

Also ReadCoty Renews License Agreement With Adidas

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.

Also ReadKylie Jenner Contemplates Regaining Control of Her Cosmetics Line Amid Coty Disappointment

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

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