By Paul A. Harris
Portland, Ore., March 20 – CBR Fashion Group priced a €470 million issue of CT Investment GmbH six-year senior secured notes (B2/B) at par to yield 6 3/8% on Wednesday, according to market sources.
The yield printed 12.5 basis points beneath the tight end of the 6½% to 6¾% yield talk. Early guidance was 6¾% to 7%.
JPMorgan was the physical bookrunner and global coordinator. Joint bookrunners were Deutsche Bank, Goldman Sachs, Jefferies and UniCredit.
The Isernhagen, Germany-based apparel company plans to use the proceeds to refinance its 5½% senior secured notes due 2026.
| Issuer: | CT Investment GmbH
|
| Amount: | €470 million
|
| Issue: | Senior secured notes
|
| Maturity: | April 15, 2030
|
| Physical bookrunner: | JPMorgan (bill and deliver)
|
| Joint bookrunners: | Deutsche Bank, Goldman Sachs, Jefferies and UniCredit
|
| Co-manager: | Apollo Capital Solutions Europe
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 396 bps
|
| First call: | April 15, 2026 at 103.188
|
| Trade date: | March 20
|
| Settlement date: | April 5
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½% to 6¾%
|
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