Commentary & Deal Flow

In a filing with The ISE PrestigeBidco GmbH (BestSecret Group) (SCHUBR) announced it has placed a EUR35m 144A/Reg S tap of its sr sec FRN due 07/15/27 (5y). NC1 (MWC B+50bp), then at 101,100. Expected B1/B+ (stable/stable). No reg rights. List ISE. NY law. Settles 07/28. Reg S ISIN: XS2499278724. 3mE+600bp (1% floor). The price was not disclosed. UOP: GCP. The deal was privately placed so there is no volume or league table credit. It is fungible with the original EUR350m issue, which priced 07/14/22 via DB/GS (B&D)/JPM/UniCredit jt books at 85 OID. Equity sponsor: Permira is the majority owner with the Schustermann and Borenstein founding families owning the remainder. Biz: European members-only destination for online off-price fashion with a focus on mid-market to luxury fashion. HQ: Munich, Germany.