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Coty (Secured; Ba2 Pos, BB+ Pos, BBB- Stable)

CONSUMER CYCLICALS
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  • The rising star favourite is coming to primary with a €500m snr secured (ratings above).
  • UoP is refi including paying down all of the remaining $323m $26s; {AR859051 Corp}
  • We flagged on rising cash px and gross deleveraging targets that early calls were likely risk on € lines last week. The $26s are par callable (mids at $100.1) hence first target while €700m snr secured 26s are callable at 100.969 (trade at 99.8); {BP962757 Corp}

Last weeks note; https://marketnews.com/coty-secured-ba2-pos-bb-pos...

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  • The rising star favourite is coming to primary with a €500m snr secured (ratings above).
  • UoP is refi including paying down all of the remaining $323m $26s; {AR859051 Corp}
  • We flagged on rising cash px and gross deleveraging targets that early calls were likely risk on € lines last week. The $26s are par callable (mids at $100.1) hence first target while €700m snr secured 26s are callable at 100.969 (trade at 99.8); {BP962757 Corp}

Last weeks note; https://marketnews.com/coty-secured-ba2-pos-bb-pos...