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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
COND
PRCD
INTDGP
International Design Group SpA€425
1EMEA
Nov 8, 2023
currency
EUR
size (m)
425.000
maturity
Nov 15, 2028
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
Sr. Secured
moody's
B2
s&p
B
fitch
B
size description
-
re-open/tap
No
ipt
10% area
ipt-pxd
-
guidance
10% area
spread
748
coupon
10.000%
spread set
-
price
100.00000
yield
10.000%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Redemption: 2025-11-15; Registration: 144A/Reg S;
Deal Comments
11/08/2023 International Design Group SpA (INTDGP) EUR425m (up from EUR400m) 144A/Reg S sr sec notes due 11/15/28 (5y). NC2 (MWC B+50bp), then at 105.00, 102.50, 100. IPO call: 2y 100% at 102. Equity claw: 2y 40% at 105.00. Special call: 10% per year the first 2 years at 103. B2/B/B (stable/stable/stable). Via JPM (B&D)/BofA/GS/UniCredit jt glocos/DNB/HSBC/Natixis jt books. No reg rights. List Lux. NY law. Settles 11/16 (T+6). Reg S ISIN: XS2719293826. IPT: 10% area. Px talk: 10% area. EUR25m upsize to repay revolver. Final terms: EUR425m at 10%. Priced: 10% at 100. +748bp vs DBR 0% 1/15/28. Roadshow 11/06-08 (investor call at 11am UKT 11/06). Books closed at 2:30pm UKT 11/07. UOP: refinance its existing EUR400m 6.50% sr sec notes due 11/15/25 (callable 11/15/23 at 100) (EUR25m upsize to repay revolver). Equity sponsors: The Carlyle Group and Investindustrial (roughly 48% and 48%). Biz: global designer and producer in the high-end furniture and lighting markets. HQ: Milan, Italy.

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