Coty Offers 33 Million Shares with Paris Listing Imminent

Coty Inc. has announced the launch of a global offering of its Class A common stock and its listing on the professional segment of Euronext Paris, according to a statement released on Monday. The company has applied to list its stock on Euronext Paris, providing investors with the option to purchase Coty shares in euros for the Paris-listed stock or in US dollars for the New York-traded stock.

Last week, Bloomberg News reported that Coty was preparing to disclose details of the proposed listing in Paris. The joint global coordinators for the offering are BNP Paribas SA, Credit Agricole SA, Citigroup Inc., and Banco Santander SA, as stated in the announcement. Based on the closing price in New York on Monday, the stock would be valued at approximately $389 million.

Coty plans to host a conference call with potential investors on September 26th at 9:30 a.m. New York time and price the offering before the US market opens on September 28th, according to terms obtained by Bloomberg.

The company, which has a market value of around $10.1 billion, intends to utilize the proceeds primarily to retire outstanding debt, as mentioned in the statement. The funds may also be allocated to general corporate purposes, including strategic investments in the business, working capital, and capital expenditures. In September, Coty raised its sales outlook for the year, citing strong demand for premium fragrances like the recently launched “Burberry Goddess.” Coty’s portfolio includes brands such as Covergirl, Kylie Cosmetics, and Gucci and Hugo Boss fragrances.

In Monday’s statement, Coty revealed its plans to manage its outstanding share count by settling one or more outstanding total return swaps over the next six months, involving up to 27 million shares.

According to Fitch Ratings, Coty concluded its most recent fiscal year with approximately $4.4 billion in debt, a decrease from nearly $9 billion at the end of fiscal 2020. The beauty company stated earlier this month that it was on track to reduce its debt and meet its leverage ratio targets.

According to the current prospectus released by Coty, for the FY2023 ending June 30, 2023, the company’s net income of $5.55 Billion is up by $249.7 compared to the FY2022

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