International Design starts roadshow for €720 million two-part secured notes offering

By Paul A. Harris

Portland, Ore., Nov. 5 – International Design Group SpA started a roadshow on Monday for a €720 million two-part offering of seven-year senior secured notes, according to a market source.

The Rule 144A and Regulation S deal is coming in tranches of fixed-rate notes with three years of call protection and floating-rate notes with one year of call protection.

Tranche sizes remain to be determined.

Moody's Investors Service is expected to assign its B2 rating to the notes. S&P Global Ratings is expected to assign its B rating to the notes. Fitch Ratings is also expected to rate the notes.

The roadshow wraps up on Friday.

Joint global coordinator JPMorgan will bill and deliver. UniCredit and Goldman Sachs International are also joint global coordinators. DNB Markets and HSBC are joint bookrunners. Natixis is the manager.

Proceeds will be used to fund the buyout of the Italy-based lighting and furniture producer by Investindustrial and the Carlyle Group, and to repay debt.

© 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.