- Coty ( NYSE: COTY ) on Tuesday announced its offers to purchase for cash up to $100M of its U.S. dollar-denominated notes and up to €100M of its Euro-denominated notes.
- The tender offers is a continuation of the company's $1.1B debt reduction over the last 15 months.
- Coty ( COTY ) estimates reduction in interest expense related to the debt securities would be ~$11M annually at current exchange rates.
- Note purchases will be done with cash on hand, short term borrowings under Coty's ( COTY ) revolving credit facility and cash generated from operations.
- The tender offers will expire at 11:59 pm ET on Dec. 7, or any other date to which Coty ( COTY ) extends the applicable tender offer, unless earlier terminated.
- Coty ( COTY ) also posted Q1 results largely in line with estimates and reiterated FY outlook despite inflationary fears .
For further details see:
Coty announces tender offers for ~$200M outstanding notes to reduce debt