By Paul A. Harris
Portland, Ore., Feb. 7 – French clothing retailer Isabel Marant priced a €250 million issue of IM Group SAS five-year senior secured notes (B2/B) at par to yield 8%, according to market sources.
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
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| Amount: | €250 million
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| Issue: | Senior secured notes
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| Tenor: | Five years
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| Lead: | JPMorgan
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Spread: | 574 bps
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| Call protection: | Two years
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| Ratings: | Moody's: B2
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| S&P: B
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| Distribution: | Regulation S
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| Price talk: | 8% to 8¼%
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