09/12/2023 Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC (COTY) EUR500m 144A/Reg S sr sec notes due 09/15/28 (5y). NC2 (MWC B+50bp), the nat 102.875, 101.438, 100. Equity claw: 2y 40% at 105.75. Ba2/BB/BB+ (positive/stable/positive). Via HSBC (B&D)/UniCredit jt physical books/BNP/CA/ING Santander jt glocos/SMBC Nikko/MUFG/TD/Citizens/CapOne/TSI/FITB jt books. No reg rights. List ISE. NY law. Settles 09/19 (T+5). Reg S ISIN: XS2689093891. IPT: 6% area. Px talk: 5.75% area (+/- 12.5bp). Priced: 5.75% at 100. +316bp vs DBR 0.25% 08/15/28.
Virtual roadshow 09/11 (investor call at 11am UKT 09/11). Books closed at 2pm UKT 09/12. The collateral security will be released upon the notes achieving investment grade ratings from two out of the three ratings agencies. UOP: repay a portion ($537m) of the $692m drawn on its revolver. Biz: One of the world’s largest beauty companies, with an iconic portfolio of brands across fragrance, color cosmetics, and skin and body care. HQ: NYC.