Douglas starts roadshow for €1.06 billion of notes to help fund LBO

By Paul A. Harris

Portland, Ore., June 23 – Douglas AG began a roadshow on Tuesday in London for a €1,055,000,000 offering of high-yield notes, according to a market source.

The roadshow continues Wednesday in London and Paris, and on Thursday in Frankfurt.

The issuing entities are two special purpose vehicles formed for the execution of the buyout of Douglas by CVC Capital Partners from Advent International and the Kreke family.

Kirk Beauty Zero GmbH is offering €635 million of senior secured notes due 2022 (B1).

Kirk Beauty One GmbH is offering €420 million of senior unsecured notes due 2023 (Caa1).

Joint bookrunner Deutsche Bank will bill and deliver for the Rule 144A and Regulation S offer. Goldman Sachs, JPMorgan and UniCredit are also joint bookrunners.

BayernLB, CM-CIC, Commerzbank and Landesbank Baden-Wurttemberg are the co-managers.

The notes in both tranches come with three years of call protection.

Proceeds will be used to help fund the buyout.

Douglas is a Hagen, Germany-based specialist retailer of beauty and personal care products.

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