Beauty company Coty Inc (NYSE: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 Read: Coty 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 Read: Kylie 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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