International Design sets talk in €720 million two-part notes offer; pricing Friday

By Paul A. Harris

Portland, Ore., Nov. 9 – International Design Group SpA set final price talk in its €720 million two-part offering of seven-year senior secured notes (B2/B/B+) on Friday, according to a market source.

The Rule 144A and Regulation S deal features a tranche of fixed-rate notes with three years of call protection and price talk in the 6½% area, toward the wide end of earlier guidance in the low-to-mid 6% area.

It also features floating-rate notes with one year of call protection talked at Euribor plus 600 basis points with a 0% Euribor floor, at par, in line with initial guidance which had the floater coming 50 bps inside of the fixed-rate notes.

Tranche sizes remain to be determined.

The deal is set to price later 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.

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