Italian makeup company Intercos S.p.A. has announced that it has executed a new €350,000,000 financing agreement with a pool of banks: Banca IMI S.p.A, Banca Nazionale del Lavoro S.p.A., BNP Paribas, Italian Branch, Crédit Agricole Corporate and Investment Bank, Milan Branch, Crédit Agricole Italia S.p.A, Intesa Sanpaolo S.p.A. and Unicredit S.p.A
The new financing agreement will be used, among other things, to reimburse the amount due by Intercos S.p.A., Intercos Europe S.p.A. and Cosmint S.p.A. pursuant to the facilities agreement executed on March 24, 2015 and for other corporate purposes.
Reuters previously reported the company was in the process of picking banks for an initial public offering, stating Intercos was forced to pull a planned market listing at the end of 2014.
Intercos’ other shareholders, aside from Italian entrepreneur Dario Ferrari, are U.S. private equity firm Catterton, with a 34% stake, and Ontario Teachers’ Pension Fund with around 21%, both of which are expected to sell shares in the IPO, according to Reuters.
According to the article, in 2018 Intercos reported revenues of €692 million euros, with an adjusted core profit of around €101 million, and at the end of last year net debt stood at €184 million.
Meanwhile, per Reuters, Intercos has entered a joint venture with Korean beauty retailer Shinsegae to develop skin care and makeup for Asian markets. The partnership will benefit in part from Chinese tourists, who are big buyers of K-beauty products.