Coty offers €500 million five-year secured notes; early talk 6% area

By Paul A. Harris

Portland, Ore., Sept. 11 – Coty Inc. is conducting a virtual roadshow for a €500 million offering of HFC Prestige Products Inc. and HFC Prestige International US LLC senior secured notes due September 2028 (expected ratings Ba2/BB/BB+) on Monday, according to market sources.

Initial guidance has the notes coming to yield in the 6% area.

The Rule 144A and Regulation S for life five-year notes become subject to their first call after two years at par plus 50% of the coupon.

Joint global coordinator and physical bookrunner HSBC Securities (USA) Inc. will bill and deliver. UniCredit Capital Markets LLC is also a joint global coordinator and physical bookrunner. BNP Paribas Securities Corp., Credit Agricole CIB, ING Financial Markets LLC and Santander US Capital Markets LLC are also joint global coordinators.

SMBC Nikko Securities Americas Inc., MUFG Securities Americas Inc., TD Securities (USA) LLC, Citizens Capital Markets Inc., Capital One Securities Inc., Truist Securities Inc. and Fifth Third Securities Inc. are bookrunners.

The New York-based beauty company plans to use the proceeds to partially repay its revolving credit facility.

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