S&P gives B to International Design notes

S&P said it assigned its preliminary B long-term issuer credit rating to International Design Group SpA (IDG), an Italy-based group operating in the high-end design market. The outlook is stable.

At the same time, S&P assigned a preliminary B issue rating to the proposed €720 million senior secured notes that will be issued in fixed and floating tranches and mature in 2025. The preliminary recovery rating on the notes is 3, indicating expectations of meaningful recovery prospects (50%-90%; rounded estimate: 50%) in the event of payment default.

IDG has been created by private equity groups Investindustrial and the Carlyle Group, consolidating Flos, an Italian lighting producer, Louis Poulsen, a Danish lighting producer, and B&B Italia, an Italian furniture producer. Investindustrial and Carlyle will jointly own a 90%-95% stake in the group, while IDG's senior management will own the remaining 5%-10%.

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