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DEBT (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of debt |
| June 30, 2024 |  | June 30, 2023
Short-term debt | $ | — |  |  | $ | — |
Senior Secured Notes |  |  |
2026 Dollar Senior Secured Notes due April 2026 | 650.0 |  |  | 900.0 |
2026 Euro Senior Secured Notes due April 2026 | 748.1 |  |  | 761.0 |
2027 Euro Senior Secured Notes due May 2027 | 534.3 |  |  | — |
2028 Euro Senior Secured Notes due September 2028 | 534.3 |  |  | — |
2029 Dollar Senior Secured Notes due January 2029 | 500.0 |  |  | 500.0 |
2030 Dollar Senior Secured Notes due July 2030 | 750.0 |  |  | — |
2018 Coty Credit Agreement |  |  |
2023 Coty Revolving Credit Facility due July 2028 | — |  |  | — |
2021 Coty Revolving Credit Facility due April 2025 | — |  |  | 228.9 |
2018 Coty Term B Facility due April 2025 | — |  |  | 1,183.7 |
Senior Unsecured Notes |  |  |
2026 Dollar Notes due April 2026 | — |  |  | 473.0 |
2026 Euro Notes due April 2026 | 192.7 |  |  | 196.0 |
Brazilian Credit Facility | — |  |  | 31.9 |
Finance lease obligations | 4.3 |  |  | 7.1 |
Total debt | 3,913.7 |  |  | 4,281.6 |
Less: Short-term debt and current portion of long-term debt | (3.0) |  |  | (57.9) |
Total Long-term debt | 3,910.7 |  |  | 4,223.7 |
Less: Unamortized financing fees and discounts on long-term debt | (68.9) |  |  | (45.5) |
Total Long-term debt, net | $ | 3,841.8 |  |  | $ | 4,178.2 |
Schedule of long term debt facilities | The Company’s long-term debt facilities consisted of the following as of June 30, 2024 and 2023:
Facility |  | Maturity Date |  | Borrowing Capacity (in millions) as of June 30, 2024 |  | Interest Rate Terms |  | Applicable Interest Rate Spread as of June 30, 2024 |  | Debt Discount |  | Repayment Schedule
Fiscal 2024 and 2023
2027 Euro Senior Secured Notes |  | May 2027 |  | €500.0 |  | 4.50% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2024 |  | 4.50% |  | N/A(b) |  | Payable in full at maturity date
2028 Euro Senior Secured Notes |  | September 2028 |  | €500.0 |  | 5.75% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2024 |  | 5.75% |  | N/A(b) |  | Payable in full at maturity date
2030 Dollar Senior Secured Notes |  | July 2030 |  | $750.0 |  | 6.625% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2024 |  | 6.625% |  | N/A(b) |  | Payable in full at maturity date
2023 Coty Revolving Credit Facility (f) (g) |  | July 2028 |  | $1,670.0 and €300.0 |  | SOFR (a) plus a margin ranging from 1.00% to 2.00% per annum or a base rate plus a margin ranging from 0.00% to 1.00% per annum, based on the Company's total net leverage ratio (c) (d) (e) |  | 1.50% |  | N/A(b) |  | Payable in full at maturity date
2029 Dollar Senior Secured Notes |  | January 2029 |  | $500.0 |  | 4.75% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2022 |  | 4.75% |  | N/A(b) |  | Payable in full at maturity date
2021 Coty Revolving Credit Facility (f) (g) |  | April 2025 |  | $— |  | SOFR(a) plus a margin ranging from 1.00% to 2.00% per annum or a base rate plus a margin ranging from 0.00% to 1.00% per annum, based on the Company’s total net leverage ratio (c) (d) (e) |  | 1.75% |  | N/A(b) |  | Replaced by 2023 Coty Revolving Credit Facility
Brazilian Credit Facilities - October 2023 |  | October 2023 |  | $— |  | 3.48% per annum, payable quarterly in arrears beginning on July 5, 2022 |  | 3.48% |  | N/A(b) |  | Repaid in full
2026 Dollar Senior Secured Notes |  | April 2026 |  | $650.0 |  | 5.0% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2021 |  | 5.00% |  | N/A(b) |  | Payable in full at maturity date
2026 Euro Senior Secured Notes |  | April 2026 |  | €700.0 |  | 3.875% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2021 |  | 3.875% |  | N/A(b) |
2018 Coty Term B Facility - USD Portion (g) |  | April 2025 |  | $— |  | SOFR(a) plus a margin of 2.25% per annum or a base rate plus a margin of 1.25% per annum (d) |  | 2.25% |  | 0.25% |  | Quarterly repayments beginning September 30, 2018 at 0.25% of original principal amount
2018 Coty Term B Facility - EUR Portion (g) |  | April 2025 |  | €— |  | SOFR(a) plus a margin of 2.50% per annum (d) |  | 2.50% |  | 0.25% |
2026 Dollar Notes |  | April 2026 |  | $— |  | 6.5% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2018 |  | N/A(b) |  | N/A(b) |  | Payable in full at maturity date
2026 Euro Notes |  | April 2026 |  | €180.3 |  | 4.75% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2018 |  | N/A(b) |  | N/A(b) |
(a)As defined in the Interest section below. (b)N/A - Not Applicable. (c)As defined per the 2018 Coty Credit Agreement, as amended. (d)The selection of the applicable one, two, three, six or twelve month interest rate for the period is at the discretion of the Company. (e)The Company will pay to the Revolving Credit Facility lenders an unused commitment fee calculated at a rate ranging from 0.10% to 0.35% per annum, based on the Company’s total net leverage ratio(d). As of June 30, 2024 and 2023, the applicable rate on the unused commitment fee was 0.25% and 0.25%, respectively. (f)As a result of the amendments entered into in fiscal 2024, the 2021 Coty Revolving Credit Facility was refinanced and replaced by the 2023 Coty Revolving Credit Facility due July 11, 2028 (as described below). (g)Except as described below in amendments to the 2018 Coty Credit Agreement, as amended (as defined below), original terms of the 2018 Coty Credit Agreement apply to these debt facilities.
Schedule of debt instrument redemption | At any time on or after the Early Redemption Dates, the Company may redeem some or all of the respective notes at the redemption prices (expressed in percentage of principal amount) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption dates, if redeemed during the twelve-month period beginning on respective dates of each of the years indicated below:
| Price
For the period beginning | 2026 Dollar Senior Secured Notes |  | 2026 Euro Senior Secured Notes |  | 2027 Euro Senior Secured Notes |  | 2028 Euro Senior Secured Notes |  | 2029 Dollar Senior Secured Notes |  | 2030 Dollar Senior Secured Notes
Year | April 15, |  | May 15, |  | November 15, |  | September 15 |  | January 15, |  | July 15,
2025 | 100.000% |  | 100.000% |  | N/A |  | N/A |  | 102.875% |  | 102.375% |  | N/A
2026 | N/A |  | N/A |  | 102.250% |  | 100.000% |  | 101.438% |  | 101.188% |  | 103.313%
2027 | N/A |  | N/A |  | 100.000% |  | N/A |  | 100.000% |  | 100.000% |  | 101.656%
2028 and thereafter | N/A |  | N/A |  | N/A |  | N/A |  | 100.000% |  | 100.000% |  | 100.000%
As of June 30, 2024, the Company may at any time redeem some or all of the 2026 Euro Notes, at the redemption prices (expressed in percentage of principal amount) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption dates, if redeemed during the twelve-month period beginning on April 15 of each of the years indicated below:
|  | Price
Year |  |  |  |  | 2026 Euro Notes
2025 and thereafter |  |  |  |  | 100.0000%
Schedule of leverage-based pricing | In the case of the 2023 Coty Revolving Credit Facility, the applicable margin means the lesser of a percentage per annum to be determined in accordance with the leverage-based pricing grid and the debt rating-based grid below:
Pricing Tier |  | Total Net Leverage Ratio: |  | SOFR plus: |  | Alternative Base Rate Margin:
1.0 |  | Greater than or equal to 4.75:1 |  | 2.000% |  | 1.000%
2.0 |  | Less than 4.75:1 but greater than or equal to 4.00:1 |  | 1.750% |  | 0.750%
3.0 |  | Less than 4.00:1 but greater than or equal to 2.75:1 |  | 1.500% |  | 0.500%
4.0 |  | Less than 2.75:1 but greater than or equal to 2.00:1 |  | 1.250% |  | 0.250%
5.0 |  | Less than 2.00:1 but greater than or equal to 1.50:1 |  | 1.125% |  | 0.125%
6.0 |  | Less than 1.50:1 |  | 1.000% |  | —%
Pricing Tier |  | Debt Ratings (S&P/Fitch/Moody’s): |  | SOFR plus: |  | Alternative Base Rate Margin:
5.0 |  | Less than BB+/Ba1 |  | 2.000% |  | 1.000%
4.0 |  | BB+/Ba1 |  | 1.750% |  | 0.750%
3.0 |  | BBB-/Baa3 |  | 1.500% |  | 0.500%
2.0 |  | BBB/Baa2 |  | 1.250% |  | 0.250%
1.0 |  | BBB+/Baa1 or higher |  | 1.125% |  | 0.125%
Quarterly Test Period Ending |  | Total Net Leverage Ratio (a)
June 30, 2024 through July 11, 2028 |  | 4.00 to 1.00
(a)Total Net Leverage Ratio means, as of any date of determination, the ratio of: (a) (i) Total Indebtedness minus (ii) unrestricted and Cash Equivalents of the Parent Borrower and its Restricted Subsidiaries as determined in accordance with GAAP to (b) Adjusted EBITDA for the most recently ended Test Period (each of the defined terms, including Adjusted EBITDA, used within the definition of Total Net Leverage Ratio have the meanings ascribed to them within the 2018 Coty Credit Agreement, as amended). Adjusted EBITDA, as defined in the 2018 Coty Credit Agreement, as amended, includes certain add backs related to cost savings, unusual events such as COVID-19, operating expense reductions and future unrealized synergies subject to certain limits and conditions as specified in the 2018 Coty Credit Agreement, as amended.
Schedule of fair value of debt |
| June 30, 2024 |  | June 30, 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Senior Secured Notes | $ | 3,716.7 |  |  | $ | 3,719.7 |  |  | $ | 2,161.0 |  |  | $ | 2,066.9 |
2018 Coty Credit Agreement | — |  |  | — |  |  | 1,412.6 |  |  | 1,393.5 |
Senior Unsecured Notes | 192.7 |  |  | 192.8 |  |  | 669.0 |  |  | 661.5 |
Brazilian Credit Facility | — |  |  | — |  |  | 31.9 |  |  | 32.2 |
Schedule of aggregate maturities of long-term debt | Aggregate maturities of the Company’s long-term debt, including the current portion of long-term debt and excluding capital lease obligations as of June 30, 2024, are presented below:
Fiscal Year Ending June 30, |
2025 | $ | — |
2026 | 1,590.8 |
2027 | 534.3 |
2028 | — |
2029 | 1,034.3 |
Thereafter | 750.0 |
Total | $ | 3,909.4 |

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