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Coty prices $550M, €800M of senior unsecured notes

Beauty products manufacturer Coty Inc. on March 28 priced $550 million of senior unsecured notes and €800 million of senior unsecured notes in its private offering that was first announced March 21.

The offering, which will close April 5, comprises $550 million of 6.5% senior notes due 2026, €250 million of 4.75% senior notes due 2026 and €550 million of 4% senior notes due 2023.

Each of the three series of notes will be guaranteed on a senior unsecured basis by a Coty subsidiary acting as guarantor under the proposed new senior secured credit facilities, which include a new $3.25 billion revolving credit facility that the company will enter into on the date the notes are issued.

The company will use the net proceeds from the offering, plus its borrowings under a credit agreement governing the proposed credit facilities, to pay outstanding debt under existing credit facilities. Remaining proceeds will be used for general corporate purposes.