Commentary & Deal Flow

IM Group SAS (Isabel Marant) EUR200m 144A/Reg S sr sec notes due 01-March-2025 (5y). NC2 (MWC B+50bp), then at 103.313, 101.656, 100. Equtiy claw: 2y 40% at 106.625%. B2/B- (stable/stable). Via JPM sole. List Lux. Interest pays March 15 and Sept 15. Settles Feb 19 (T+10). Reg S ISIN: XS2114146181. IPT high 6s. Px talk: 6.75% area.

Priced 6.625% at 100. +722bp vs OBL 0% 11-April-2025..

Roadshow Jan 29-Feb 03 (Weds Paris, Thurs/Fri London, Mon Frankfurt/Amsterdam). Books closed at 1pm UKT today.  UOP: refi bank debt, fund shareholder distribution. Equity sponsor: Montefiore Investment (50.6%). Isabell Marant owns 38.9%. Biz: French luxury brand designing and distributing ready-to-wear fashions and accessories. HQ: Paris, France.