The size of Isabel Marant’s five-year secured notes sold via IM Group SAS was incorrectly reported in the Feb. 8 edition of the Prospect News High Yield Daily. The correct size of the upsized issue was €265 million. A corrected version of the story follows:
Portland, Ore., Feb. 8 – French clothing retailer Isabel Marant priced an upsized €265 million issue of IM Group SAS 8% five-year senior secured notes (B2/B), according to a stabilization notice and details from a market source.
The Regulation S notes priced at par.
The yield printed at the tight end of the 8% to 8¼% yield talk. Initial talk was in the 8¼% area. Early whisper had the notes coming to yield in the mid-8% area.
JPMorgan managed the notes sale.
The Paris-based company plans to use the proceeds to redeem its senior secured notes due March 2025 as well as to fund a €60 million dividend to its shareholders.
| Issuer: | IM Group SAS
|
| Amount: | €265 million, increased from €250 million
|
| Issue: | Senior secured notes
|
| Tenor: | Five years
|
| Lead: | JPMorgan
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 574 bps
|
| Call protection: | Two years
|
| Announcement date: | Feb. 7
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Regulation S
|
| Price talk: | 8% to 8¼%
|
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