- Coty ( NYSE: COTY ) said Monday it will start hedging a planned stock buyback program of ~$200M in CY25 as part of its deleveraging plan.
- The program adds to Coty's ( COTY ) previous $200M hedged buyback in CY24.
- The company continues to target leverage towards 4x exiting CY22, towards 3x exiting CY23, and towards 2x CY25.
- Coty ( COTY ) entered into total return swaps in respect of its class A Stock with banks to hedge its potential exposure at around prevailing stock price trading levels over applicable hedging periods for a planned buyback program of ~$200M.
- Any total return swap settled in shares would be covered by the existing repurchase authorization.
- Coty ( COTY ) in June said it was looking to gradually return its its shareholder return programs as it lessened its debt load .
For further details see:
Coty to start hedging expected $200M stock buyback program in 2025