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 05/15/27 (3y). NC2 (MWC B+50bp), then at 102.25, 100 the last 6mos). Equity claw: 2y 40% at 104.50. Ba2/BB+/BBB- (positive/positive/stable). Via CA (B&D)/ING jt physical books/BNP/MUFG/Santander/SMBC Nikko jt glocos/BofA/Citizens/JPM/RBC/TD/UniCredit jt books. No reg rights. List ISE. NY law. The collateral and HY covenants fall away once the notes are IG rated by two agencies. Settles 05/30 (T+5). Reg S ISIN: XS2829201404. IPT: 5 to low 5s. Px talk: 4.75% area. Revised px talk: 4.50%-4.625% WPIR.

Priced: 4.50% at 100.

Virtual roadshow yesterday (investor call at 1pm UKT / 9am NYT yesterday, GIC REGISTRATION https://evercall.co/oacc/06923). Books closed at 2pm UKT/9am NYT today. UOP: redeem its US$323m 6.50% sr notes due 04/15/26 at par, and pay down $209m of the $255m 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.