By Paul A. Harris
Portland, Ore., Nov. 9 – International Design Group SpA priced €720 million of seven-year senior secured notes (B2/B/B+) in two tranches on Friday, according to a market source.
The deal included €400 million of fixed-rate notes, which priced at par to yield 6½%. The yield printed in the middle of yield talk in the 6½% area and toward the wide end of earlier guidance in the low-to-mid 6% area.
In addition, the company priced €320 million of floating-rate notes with a 600 basis points spread to Euribor, with a 0% Euribor floor, at par. The floating-rate tranche came on top of final price talk and in line with initial guidance, which had the floater coming 50 bps inside of the fixed-rate notes.
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.
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.
| Issuer: | International Design Group SpA
|
| Amount: | €720 million
|
| Maturity: | Nov. 15, 2025
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | JPMorgan (bill and deliver), UniCredit, Goldman Sachs International
|
| Joint bookrunners: | DNB, HSBC
|
| Manager: | Natixis
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €400 million
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Call protection: | Three years
|
| Price talk: | 6½% area
|
|
|
| Floating-rate notes
|
| Amount: | €320 million
|
| Coupon: | Euribor plus 600 bps
|
| Euribor floor: | 0%
|
| Price: | Par
|
| Yield: | Euribor plus 600 bps
|
| Call protection: | One year
|
| Price talk: | Euribor plus 600 bps, 0% Euribor floor, at par
|
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