Coty signed a definitive agreement with KKR as part of a transformation that will deleverage Coty’s balance sheet, streamline its operations and strengthen its leadership team. KKR is investing $1 billion directly into Coty through the issuance of convertible preferred shares.
Coty appointed Gordon von Bretten chief transformation officer to assist the company’s leadership in accelerating and amplifying the company’s transformational journey. von Bretten previously has served in leadership roles with AlixPartners, A.T. Kearney and KKR Capstone.
Coty amended its credit agreement, reducing the total commitments under the revolving credit facility from $500 million to $275 million. JPMorgan served as administrative agent for the transaction.
Coty closed an incremental agreement for credit facilities consisting of $975 million in term A loan commitments and $100 million in term B commitments. JPMorgan was administrative agent for the transaction.