COTY- New Issue Comment
Coty recently issued senior unsecured notes split into $550m 6.5% 8Y, €550m 4% 5Y, and €250m 4.75% 8Y tranches. Along with $6bn equivalent of new term loans and a new RCF, which are all senior secured instruments, proceeds will be used to refinance all existing debt, including the former P&G beauty debt assumed as part of the merger. Proforma net reported leverage is unchanged at 4.2x for covenant purposes, including the substantial $521m synergies expected by management. However, we calculate a much higher net adjusted leverage of 6.1x, which essentially reflects our approach not to take into account these synergies for LTM leverage computation.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.