International Design upsizes to €425 million, fixes yield on five-year secured notes at 10%

By Paul A. Harris

Portland, Ore., Nov. 8 – International Design Group SpA upsized its offering of five-year senior secured notes (expected ratings B2/B/B) to €425 million from €400 million, and fixed the yield at 10%, according to market sources.

The yield comes in the middle of yield talk and initial guidance, both of which had been set in the 10% area.

Final terms and allocations are expected on Thursday, a source said.

The Rule 144A and Regulation S notes become subject to an initial call after two years at par plus 50% of the coupon.

Joint global coordinator JPMorgan will bill and deliver. BofA, Goldman Sachs and UniCredit are also joint global coordinators.

DNB, HSBC and Natixis are joint bookrunners.

The Milan-based designer of high-end furniture and lighting plans to use the proceeds to refinance its 6½% senior secured notes due November 2025.

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