By Paul A. Harris
Portland, Ore., Nov. 9 – International Design Group SpA priced an upsized €425 million issue of five-year senior secured notes (expected B2/confirmed B) at par to yield 10% on Thursday, according to market sources.
The issue size increased from €400 million.
The yield printed in the middle of yield talk and initial guidance, both of which had been set in the 10% area.
The notes traded to 100.5 bid, 101.5 offered, a source said.
Global coordinators were JPMorgan (bill and deliver), BofA, Goldman Sachs and UniCredit. Additional joint bookrunners were DNB, HSBC and Natixis.
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.
| Issuer: | International Design Group SpA
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| Amount: | €425 million, increased from €400 million
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| Issue: | Senior secured notes
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| Maturity: | November 2028
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| Global coordinators: | JPMorgan (bill and deliver), BofA, Goldman Sachs and UniCredit
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| Joint bookrunners: | DNB, HSBC and Natixis
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| First call: | November 2025 at 105
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| Trade date: | Nov. 9
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| Settlement date: | Nov. 16
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| Ratings: | Moody’s: B2 (expected)
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 10% area
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