New Issue: Escada prices €200 million seven-year notes at par to yield 7½%

By Paul A. Harris

St. Louis, March 18 - Escada AG priced €200 million of seven-year senior notes (B2/BB-) at par to yield 7½%, according to a market source.

Price talk was in the 7½% area.

Deutsche Bank Securities and HVB were the underwriters for the Rule 144A/Regulation S with no registration rights issue.

Proceeds will be used to refinance bank debt and to improve the company's capital structure.

Escada is an Aschheim/München, Germany, designer and marketer of upscale women's apparel.

Issuer:	Escada AG
Amount:	€200 million
Maturity:	April 1, 2012
Security description:	Senior notes
Underwriters:	Deutsche Bank Securities, HVB
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	419 basis points
Call features:	Callable after April 1, 2009 at 103.75, 101.875, par on and after April 1, 2011
Equity clawback:	Until April 1, 2008 for 35% at 107.50
Trade date:	March 18
Settlement date:	March 23
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Price talk:	7½% area

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