S&P rates International Design notes B

S&P said it assigned a B rating to International Design Group’s proposed €470 million of senior secured floating rate notes, maturing in five to seven years.

International Design will use the proceeds to refinance its €320 million of notes maturing in 2025 and the acquisition of YDesign for €150 million acquisition.

S&P also revised the company’s outlook to stable from negative and affirmed its B ratings on the company and outstanding debt.

“The stable outlook reflects our view that IDG's leverage metrics will likely remain in the 6x-6.5x area over 2021-2022. Additionally, we expect annual free operating cash flow (FOCF) above €25 million despite higher investments to develop new license (Fendi) and store openings,” the agency said in a press release.

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