Published on 9/12/2023 in the Prospect News High Yield Daily.
New Issue: Coty prices €500 million five-year secured notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Sept. 12 – Coty Inc. priced a €500 million issue of HFC Prestige Products Inc. and HFC Prestige International US LLC five-year senior secured notes (Ba2/BB/BB+) at par to yield 5¾% on Tuesday, according to market sources.
The yield printed in the middle of yield talk in the 5¾% area. Initial guidance was in the 6% area.
Joint global coordinator and physical bookrunner HSBC Bank plc will bill and deliver. UniCredit Bank AG, BNP Paribas, Credit Agricole CIB, ING Bank NV, London Branch and Banco Santander, SA are also global coordinators. Additional bookrunners are SMBC Nikko Capital Markets Ltd., MUFG Securities EMEA plc, TD Securities (USA) LLC, Citizens JMP Securities, LLC, Capital One Securities, Inc., Truist Securities, Inc. and Fifth Third Securities, Inc.
The New York-based beauty company plans to use the proceeds to partially repay its revolving credit facility.
| Issuers: | HFC Prestige Products, Inc. and HFC Prestige International U.S. LLC
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| Amount: | €500 million
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| Issue: | Senior secured notes
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| Maturity: | Sept. 15, 2028
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| Global coordinators: | HSBC Bank plc (bill and deliver), UniCredit Bank AG, BNP Paribas, Credit Agricole CIB, ING Bank NV, London Branch and Banco Santander, SA
|
| Bookrunners: | SMBC Nikko Capital Markets Ltd., MUFG Securities EMEA plc, TD Securities (USA) LLC, Citizens JMP Securities, LLC, Capital One Securities, Inc., Truist Securities, Inc. and Fifth Third Securities, Inc.
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| Coupon: | 5¾%
|
| Price: | Par
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| Yield: | 5¾%
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| Spread: | 316 bps
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| First call: | Sept. 15, 2025 at 102.875
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| Trade date: | Sept. 12
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| Settlement date: | Sept. 19
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| Ratings: | Moody’s: Ba2
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| S&P: BB
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| Fitch: BB+
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| Price talk: | 5¾% area
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