Daily News: July 5, 2019

JPMorgan Downsizes Coty Revolver to $275MM


Coty amended its credit agreement, reducing the total commitments under the revolving credit facility from $500 million to $275 million. According to a related 8-K filing, JPMorgan served as administrative agent and collateral agent for the transaction.

The amended credit agreement modifies the 2018 credit agreement by amending the financial covenants to (i) delay until March 31, 2022 the total net leverage ratio step down from 5.25 to 5.0, (ii) extend the applicable window for certain cost savings add-backs in the calculation of Adjusted EBITDA for purpose of determining the total net leverage ratio, and (iii) amend the determination of the exchange rate to be used for purposes of calculating “total indebtedness” for purposes of the total net leverage ratio, and decreasing the total commitments under the revolving credit facility by $500 million, to $2.750 million.