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by Stephen Carter
Apr 13, 2026 6:26 AM ET
GG12 SpA (Golden Goose) (GGTWLV) EUR880m 144A/Reg S fixed/floater sr sec notes two-part. Expect B2/BB- (stable/stable). Via GS (B&D)/JPM/UBS jt glocos and physical books/Citi/DB/UniCredit jt books. No reg rights. List Lux. NY law. SMR at 100 if the acquisition has not been consummate by 02/28/2027.
- EUR350m minimum fixed rate notes due 2033 (7y). NC3 (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. IPO call: at any time and from time to time with net cash proceeds of an IPO at 102. CoC at 101. Denoms: 100kx1k.
- EUR350m minimum FRN due 2033 (7y). NC1 (MWC B+50bp) (par). IPO call: at any time and from time to time with net cash proceeds of an IPO at 102.
Roadshow (small group meetings) 04/13-15 (investor call 10:30am UKT 03/13). UOP: fund the LBO of Golden Goose by HSG (Hong Shau Capital Group) (51.97%), Temasek (15.1%), QIA (11.33%) and other minority investors from Permira (will retain 12%) and other existing investors for EUR2.234bn enterprise value, including the repayment of its EUR480m sr sec FRN due 05/15/31 (callable 05/15/26 at 100), and EUR94m for GCP. Sponsor equity: EUR1.508bn (including rollover equity). Closing is expected in Q2 2026. Biz: a global luxury brand known for its iconic sneakers, alongside accessories and bags, operating a chain of 232 directly operated stores across Europe, the Americas and Asia. HQ: Milan, Italy. (Acquisition announced 12/19/2025).
GIC Registration Details: https://evercall.co/oacc/31921; Dealroadshow Direct Link: https://dealroadshow.com/e/GG2026GIC; Dealroadshow Code: GG2026GIC.