Commentary & Deal Flow

Split-rated Coty Inc /HFC Prestige Products Inc/HFC Prestige International US LLC (COTY) EUR500m 144A/Reg S sr sec notes due May 2027 (3y). NC2 (50%, par 6mos thereafter). Expect Ba2/BB+/BBB-. Via CA (B&D)/ING jt physical books/BNP/MUFG/Santander/SMBC Nikko jt glocos/BofA/Citizens/JPM/RBC/T/UniCredit jt books. No reg rights. List ISE. NY law.

IPT: 5 to low 5s.

Virtual roadshow today (investor call at 1pm UKT / 9am NYT today, GIC REGISTRATION https://evercall.co/oacc/06923). Pricing tomorrow. UOP: redeem its US$323m 6.50% sr notes due 04/15/26 at par, and pay down 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.