By Paul A. Harris
St. Louis, Oct. 21 - IT Holdings Finance SA priced a downsized €150 million issue of eight-year senior notes (B3/B+) Thursday at 96.645 with a 9 7/8% coupon to yield 10½%, according to an informed source.
Price talk was 10½% at a discount, revised from the 10% area.
The notes were downsized from €185 million.
Merrill Lynch & Co. ran the books for the Rule 144A/Regulation S issue with no registration rights. Banca IMI was the joint lead manager.
The notes are guaranteed by IT Holdings and other subsidiaries.
Proceeds will be used to refinance Gianfranco Ferre's 7% notes due May 2005.
IT Holdings is a Milan, Italy-based holding company for fashion brands including Versace, Dolce & Gabbana, and Roberto Cavalli.
| Issuer: | IT Holdings Finance SA
|
| Amount: | €150 million (decreased from €185 million)
|
| Maturity: | Nov. 15, 2012
|
| Security description: | Senior notes
|
| Bookrunner: | Merrill Lynch & Co.
|
| Joint lead manager: | Banca IMI
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| Coupon: | 9 7/8%
|
| Price: | 96.645
|
| Yield: | 10½%
|
| Spread: | 692 basis points
|
| Call protection: | Non-callable for the life of the bond
|
| Pricing date: | Oct. 21
|
| Settlement date: | Oct. 26
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Price talk: | 10½% at a discount (revised from 10% area)
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