By Paul A. Harris
Portland, Ore., July 3 – Clothing retailer IKKS Group SAS priced a €320 million issue of seven-year senior secured notes (/B+/B+) at par to yield 6¾% on Thursday, according to a market source.
The yield printed on top of yield talk.
Joint global coordinator Goldman Sachs International will bill and deliver. UBS was also a joint global coordinator. Natixis and SG CIB were the joint bookrunners.
Upon release from escrow, the proceeds, along with an equity contribution, will be used to help fund a buyout of the company.
IKKS is based in Saint-Chamond, France.
| Issuer: | Holdikks SAS (IKKS Group SA)
|
| Amount: | €320 million
|
| Maturity: | July 15, 2021
|
| Securities: | Senior secured notes
|
| Joint global coordinators: Goldman Sachs International (bill and deliver), UBS
|
| Joint bookrunners: | Natixis, SG CIB
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 602 bps
|
| Call protection: | Three years
|
| Trade date: | July 3
|
| Settlement date: | July 10
|
| Ratings: | Standard & Poor's: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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