International Design to sell €400 million five-year secured notes; initial talk 10% area

By Paul A. Harris

Portland, Ore., Nov. 6 – International Design Group SpA announced Monday that it plans to sell €400 million of five-year senior secured notes (expected ratings B2/B/B), according to market sources.

Initial guidance has the notes coming to yield in the 10% area.

The Rule 144A and Regulation S notes become subject to an initial call after two years at par plus 50% of the coupon.

Joint global coordinator JPMorgan will bill and deliver. BofA, Goldman Sachs and UniCredit are also joint global coordinators.

DNB, HSBC and Natixis are joint bookrunners.

The Milan-based designer of high-end furniture and lighting plans to use the proceeds to refinance its 6½% senior secured notes due November 2025.

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