Coty has announced that it plans to offer up to €500 million aggregate principal amount of senior secured notes.
According to the company, interest rates and other key terms of the offering will be determined at the time of pricing.
Coty intends to use the net proceeds from the offering to repay a portion of its outstanding term loans under its existing credit facilities and to pay any related premiums, fees and expenses thereto.
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The notes will be senior secured obligations of Coty and will be guaranteed on a senior secured basis by each of Coty’s subsidiaries and will be secured by first priority liens on the same collateral that secures Coty’s obligations under its existing senior secured credit facilities and existing secured notes.
In addition, the notes and the guarantees will be equal in right of payment with all of Coty’s and the guarantors’ respective existing and future senior indebtedness.
It will be pari passu with all of Coty’s and the guarantors’ respective existing and future indebtedness that is secured by a first priority lien on the collateral, including the existing senior secured credit facilities, to the extent of the value of such collateral.
