International Design to price €300 million secured floaters due 2026

By Rebecca Melvin

Concord, N.H., May 12 – International Design Group SpA planned to price €300 million senior secured floating-rate notes due 2026 (B2/B/B), according to a London Stock Exchange notice.

The Rule 144A and Regulation S offering had initially been expected to total €470 million.

The notes are non-callable for five years.

J.P. Morgan AG, Goldman Sachs Bank Europe SE and UniCredit were stabilization managers.

The proceeds from the new notes, along with cash on the issuer’s balance sheet, were expected to be used to redeem the issuer’s outstanding €320 million senior secured floating-rate notes due 2025 at par plus accrued interest and to fund the acquisition of U.S.-based e-commerce retailer YDesign Group, LLC by a wholly owned subsidiary.

The high-end furniture and lighting design company is based in Milan.

© 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.