Coty Raises €500 Through Debt Offering
Portfolio Pulse from Shivani Kumaresan
Coty Inc, along with its subsidiaries, has launched an offering of €500 million aggregate principal amount of senior secured notes. The company intends to use the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility. As of June 30, 2023, Coty held $283.8 million in cash and equivalents. The company's shares closed lower by 0.44% at $11.31 on Friday.
September 11, 2023 | 9:52 am
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Coty Inc has launched a €500 million debt offering. The proceeds will be used to repay part of its outstanding borrowings. The company's stock closed lower by 0.44% at $11.31 on Friday.
The launch of the debt offering indicates that Coty is taking steps to manage its debt, which could be seen as a positive move by investors. However, the impact on the stock price is uncertain as it could also indicate financial stress. The company's stock closed lower by 0.44% at $11.31 on Friday, which suggests that the market's reaction to the news was somewhat negative.
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