Coty has launched a debt refinancing program equivalent to US$8 billion, according to a report published by Nasdaq. The move is designed to up the US beauty behemoth’s euro borrowings and add bonds to its all-loan capital structure, says Nasdaq, quoting banking sources.

The refinancing will see Coty convert its US$3.4 billion term loan A and €150 million term loan A into a US$1.25 billion term loan A and a US2.25 billion euro-denominated term loan A, potentially reducing Coty’s existing TLB by 50bp and better matching its debt profile with its cash flows and simplifying its capital structure.

Bank of America Merrill Lynch and JP Morgan are said to be leading the financing. Loan commitments are due by March 27.