By Rebecca Melvin
Concord, N.H., May 13 – International Design Group SpA priced €470 million senior secured floating-rate notes due 2026 at par (B2/B/B), according to a company news release.
The notes will bear interest at Euribor plus 425 basis points per year, resetting quarterly.
The notes were distributed under Rule 144A and Regulation S and are expected to be listed on the Luxembourg Stock Exchange.
J.P. Morgan AG, Goldman Sachs Bank Europe SE and UniCredit were stabilization managers.
The proceeds from the 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.
| Issuer: | International Design Group SpA
|
| Amount: | €470 million
|
| Maturity: | 2026
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Price: | Par
|
| Yield: | Euribor plus 425 bps
|
| Call: | One year call protection
|
| Pricing date: | May 12
|
| Settlement date: | May 19
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
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