IT Holding downsizes to €150 million, restructures, revises talk: notes to price at discount to yield 10½%

By Paul A. Harris

St. Louis, Oct. 20 - IT Holding Finance SA downsized to €150 million from €185 million its offering of eight-year senior notes (B3/B+), according to an informed source.

The company also revised price talk to 10½% from the 10% area, with the notes to price at a discount. Originally the notes had been talked at 9¼% to 9½%.

Also, call protection was extended for the life of the bond. Previously the bonds were to come with four years of call protection.

Merrill Lynch & Co. is the bookrunner for the Rule 144A/Regulation S (no registration rights) offering. Banca IMI is the joint lead manager.

The notes are guaranteed by ITH and other subsidiaries.

Proceeds will be used to refinance Gianfranco Ferre 7% notes due May 2005.

IT Holding is a Milan, Italy-based holding company for fashion brands including Versace, Dolce & Gabbana, and Roberto Cavalli.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.