JWCA advises ODDITY on the repurchase of $50 million exchangeable notes for cash at a meaningful discount to par

June 2026 | read press release

Transaction Background

In June 2026, JWCA advised ODDITY (the “Company”) on the cash repurchase of $50mm of its outstanding 2030 exchangeable notes. ODDITY wanted to opportunistically repurchase a portion of the outstanding 2030 notes at a significant discount to par

ODDITY’s objectives included:

  • De-lever at a discount: opportunistically retire a portion of the exchangeable to reduce the Company’s total debt balance at a discount

  • Minimize transaction and friction costs: execute as efficiently as possible

  • Capture a sizeable yield-to-maturity by purchasing the notes at a meaningful discount

JWCA acted as Repurchase Agent for ODDITY and provided the following support for the Company:

  • Provided analysis and advice around tactics related to investor targeting and engagement

  • Led investor outreach, price negotiation and execution of repurchases

  • Assisted the Company with the analysis of exchangeable economics and pricing dynamics

Results

ODDITY executed a successful liability management transaction for its zero-coupon exchangeable notes due 2030:

  • The Company repurchased $50mm face value of its 2030 exchangeable notes for cash, capturing a meaningful discount to par

This is JWCA’s second advisory assignment for the Company after advising ODDITY on its exchangeable issuance in June 2025