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Commentary & Deal Flow

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HongShan Capital Hong Kong Ltd

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Golden Goose SpA

by Stephen Carter

Apr 14, 2026 3:02 PM ET

PRICED: Golden Goose €880m sr sec, E530m 7NC3 Fixed 6.25% at 100; E350m 7NC1 FRN E+400 at 100

HYC European Market: Deal Flow - GeneralHYC US Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT	Price talk	PRICED
GG12 S.p.A.	7NC3	3yr	28-Apr-2033	€530m	Snr Sec	Fixed	Mid-High 6s @ Par	6.25-6.50% @ par	6.25% at 100
GG12 S.p.A.	7NC1	1yr	28-Apr-2033	€350m	Snr Sec	Floating	E+400/425 @ 99.5	E+400 @ 99.5	E+400bp at 100

Priced: Fixed: 6.25% at 100. +338bp vs DBR 2.60% 15-Aug-2033; Floating: 3mE+400 at 100
Price talk: Fixed: 6.25%-6.50% at par; Floating: E+400 at 99.5
IPTs: Fixed: Mid-High 6s @ Par; Floating: E+400/425 @ 99.5

Company: Golden Goose
Issuer: GG12 S.p.A.
TICKER: GOLGOO
Shareholders: HSG (Hong Shau Capital Group) (51.97%), Temasek (15.1%), QIA (11.33%), Permira (will retain 12% and other minority investors
Business: Golden Goose is a global luxury brand best known for its iconic sneakers, operating across Europe, the Americas and Asia through 232 directly operated stores as of 31 December 2025, with footwear as the core category alongside ready‑to‑wear, accessories and bags
Corporate Ratings: B2/BB- (stable/stable) (Moody's/S&P)
Instrument Ratings: B2/BB- (Moody's/S&P)
Format: 144A/Reg S for life
Total Size: €880m
Tranche Size:
- Fixed: EUR530m (from Min. €350m)
- Floating: EUR350m (from Min. €350m)
Tenor: 7yr
Call Structure:
- Fixed: 7NC3 (04/28/29) (MWC B+50bp), then at 103.125 04/28/29, 101.563 04/28/30, 100 04/28/31. Equity claw: 3y 40% at 106.25. 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.
- Floating: 7NC1 (28-Apr-27) (MWC B+50bp), then at 100 04/28/27. IPO call: at any time and from time to time with net cash proceeds of an IPO at 102.
Use of Proceeds: 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. (Acquisition announced 12/19/2025).
SMR: at 100 if the acquisition has not been consummate by 02/28/2027
CoC: at 101
Interest pays: fixed May 15 and Nov 15, starting 15-Nov-2026; floater Feb 15, May 15,, Aug 15, Nov 15, starting 15-Aug-2027
Denominations: €100,000 x €1,000
Listing: Application will be made to list the Notes on the Official List of the Luxembourg Stock Exchange
Governing Law: New York
Joint Global Coordinators and Joint Physical Bookrunners: Goldman Sachs International (B&D), J.P. Morgan, UBS Investment Bank
Joint Bookrunners: Citigroup, Deutsche Bank, UniCredit
144A ISIN: fixed XS3349824675; floater XS53349824675. Reg S ISIN: fixed XS53349823941; Floater: XS3349824915.
Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / DISC key information document (KID) has been prepared as not available to retail in EEA or the UK
Timing: Roadshow (small group meetings) April 13-15 (investor call 10:30am UKT April 13). Books close at 3pm UKT April 14. Pricing April 14.
HQ: Milan, Italy
GIC Registration Details: https://evercall.co/oacc/31921; Dealroadshow Direct Link: https://dealroadshow.com/e/GG2026GIC; Dealroadshow Code: GG2026GIC.
TOE: 17:46pm UKT 04/14/26
FTT: 8am UKT, 04/15/26