COTY SELLING $135M IN SENIOR NOTES
WASHINGTON — Coty Inc. of New York is offering $135 million in senior subordinated notes due in 2005, according to a registration statement filed here Tuesday with the Securities and Exchange Commission.
The company, a subsidiary of the Benckiser Group of Ludwigshafen, Germany, plans to use $130 million to refinance outstanding debt that was incurred during the acquisition of the Coty and Quintessence businesses, the filing said. The remainder will be used for general corporate purposes.
The company currently owes about $195 million in long-term debt and $5.7 million in short-term debt, according to the filing.
Coty’s net income totaled $11.6 million in 1994, down from $19 million in 1993, the filing said. Sales hit $409.6 million last year, up from $394.6 million the prior year.
When taking into account certain financial transactions, such as Coty’s recent sale to Benckiser of the Quintessence international product lines and a recent refinancing, last year’s net income totaled $5.2 million. Sales stood at $426.5 million.