By Paul A. Harris
Portland, Ore., April 16 – Coty Inc. priced an upsized $900 million issue of five-year senior notes (B3/B) at par to yield 5% on Friday, according to market sources.
The issue size increased from $750 million.
The yield printed at the wide end of the 4¾% to 5% yield talk. Initial guidance was in the 5% area.
J.P. Morgan Securities LLC was at the left of a syndicate of deal managers that also included BofA Securities Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., BNP Paribas Securities Corp., UniCredit Capital Markets LLC, ING Financial Markets LLC and Santander Investment Securities Inc.
The New York-based beauty company plans to use the proceeds to pay down its outstanding term loans.
| Issuer: | Coty Inc.
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| Amount: | $900 million, increased from $750 million
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| Maturity: | April 15, 2026
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| Securities: | Senior secured notes
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., BNP Paribas Securities Corp., UniCredit Capital Markets LLC, ING Financial Markets LLC and Santander Investment Securities Inc.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 417 bps
|
| Call protection: | Two years
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| Trade date: | April 16
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| Settlement date: | April 21
|
| Ratings: | Moody's: B3
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| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Roadshow
|
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