by Stephen Carter
Mar 18, 2021 6:01 AM ET
Douglas/Kirk Beauty EUR1.3bn 144A/Reg S notes 2-part. Via GS/DB/UniCredit jt glocos/BnP/UBS jt books. List ISE. NY law.
- Douglas GMBH EUR1bn sr sec notes due 2026 (5y). NC2 (50%,25%,par). B3/B-/B (stable/negative/stable).
- Kirk Beauty SUN GmbH (holdco) EUR300m sr PIK notes due 2026 (5.5y). NC2.5 (50%,25%,par). Caa2/CCC/CCC (stable/negative/stable).
Investor call at 2pm UKT today. Small group meeting 03/19-24. UOP: along with a new credit facility for Parfurmerie Douglas International GmbH, consisting of EUR1.08bn sr sec term loan B and EUR170m revolver (lender call 03/16 via GS/DB/Unicredit/UBS joint books), to fund a recap, including redeeming Douglas GmbH EUR300m 6.25% sr sec notes due 07/15/22 (callable at 100) and Kirk Beauty One GmbH EUR335m 8.75% sr notes due 07/15/23 (callable at 100), repay its existing sr sec credit facilities (EUR1.67bn term loan B nd EUR200m drawn on its revolver), and cash on the B/S. The equity sponsor CVC is also contributing EUR220m in equity. Biz: European specialist retailer of beauty care and lifestyle products in online shops, the beauty marketplace and 2,400 stores. HQ: Dusseldorf, Germany.