Cases & Deals

Syndicate of banks enter into share buyback program of approximately $200 million in calendar year 2025

Client(s) Syndicate of banks

Jones Day represented a syndicate of banks in share buyback transactions entered into with their client, Coty Inc., under a total return swap (TRS) contract. In these TRS transactions, the banks agreed to pay Coty the total return of an underlying asset in exchange for receiving spread and interest payments. The underlying assets in these TRS transactions are securities issued by Coty. In addition, one of the TRS transactions involved a novation agreement where one of the banks agreed to accept the obligations of another bank under a previous TRS transaction executed earlier this year.