Coty Inc. Prices $500 Million of Senior Secured Notes
November 22 2021 - 4:51PM
Business Wire
Coty Inc. (NYSE: COTY) (“Coty”) today announced the pricing of
$500 million of 4.750% senior secured notes due 2029 (the “Notes”)
issued by Coty and its wholly-owned subsidiaries, HFC Prestige
Products, Inc. and HFC Prestige International U.S. LLC (the
“Co-Issuers” and collectively with Coty, the “Issuers”). Coty will
receive gross proceeds of $500 million in connection with the
offering of the Notes. The offering is expected to close on
November 30, 2021, subject to customary closing conditions.
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 (other than the Co-Issuers) that guarantee, and will
be secured by first priority liens on the same collateral that
secures, Coty’s obligations under the existing senior secured
credit facilities and under the existing senior secured notes. The
Notes and the guarantees will be equal in right of payment with all
of the Issuers’ and the guarantors’ respective existing and future
senior indebtedness and will be effectively pari passu with all of
the Issuers’ and the guarantors’ respective existing and future
indebtedness that is secured by a first priority lien on the
collateral, including the existing senior secured credit facilities
and the existing senior secured notes, to the extent of the value
of such collateral.
Coty intends to use the net proceeds from the offering 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 revolving credit facility due
April 2023 and to pay any related premiums, fees and expenses
thereto.
The Notes and the related guarantees have not been, and will not
be, registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any applicable state or foreign securities
laws, and will be offered only to persons reasonably believed to be
qualified institutional buyers in reliance on Rule 144A, and to
non-U.S. persons outside the United States in compliance with
Regulation S under the Securities Act. Unless so registered, the
Notes and the related guarantees may not be offered or sold in the
United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities
laws.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be
any sales of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Coty Inc.
Coty is one of the world’s largest beauty companies with an
iconic portfolio of brands across fragrance, color cosmetics, and
skin and body care. Coty is the global leader in fragrance, and
number three in color cosmetics. Coty markets, sells and
distributes the products in approximately 130 countries and
territories. Coty and its brands are committed to a range of social
causes as well as seeking to minimize its impact on the
environment. For additional information about Coty Inc., please
visit www.coty.com.
Cautionary Note Regarding Forward-looking Statements
The statements contained in this press release include certain
“forward-looking statements” within the meaning of the securities
laws. These forward-looking statements reflect Coty’s current views
with respect to, among other things, the Issuers’ offering of the
Notes and the use of proceeds therefrom. These forward-looking
statements are generally identified by words or phrases, such as
“anticipate,” “are going to,” “estimate,” “plan,” “project,”
“expect,” “believe,” “intend,” “foresee,” “forecast,” “will,”
“may,” “should,” “outlook,” “continue,” “target,” “aim,”
“potential” and similar words or phrases. These statements are
based on certain assumptions and estimates that Coty considers
reasonable and are not guarantees of Coty’s future performance, but
are subject to a number of risks and uncertainties, many of which
are beyond Coty’s control, which could cause actual events or
results to differ materially from such statements, including the
Issuers’ ability to consummate the offering of the Notes on a
timely basis and on terms commercially acceptable to Coty, or at
all, and other factors identified in “Risk Factors” included in
Coty’s Annual Report on Form 10-K for the fiscal year ended June
30, 2021 and its subsequent quarterly report on Form 10-Q. All
forward-looking statements made in this press release are qualified
by these cautionary statements. These forward-looking statements
are made only as of the date of this press release, and Coty does
not undertake any obligation, other than as may be required by law,
to update or revise any forward-looking or cautionary statements to
reflect changes in assumptions, the occurrence of events,
unanticipated or otherwise, or changes in future operating results
over time or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211122006655/en/
Investor Relations Olga Levinzon 212-389-7733
Olga_Levinzon@cotyinc.com
Media Antonia Werther +31 621 394495 917-754-8399
Antonia_Werther@cotyinc.com
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