Commentary & Deal Flow

IM Group SAS (Isabel Marant) (IMGRP) EUR250m Reg S only sr sec 1st lien notes due March 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw 2y 40%. Existing B2/B. Via JPM sole. List Lux. NY law. Pays March 15 and Sept 15, starting 09/15/23. IPT: mid 8s.

Guidance 8.25% area.

Did investor call today. Pricing tomorrow. UOP: repay existing EUR181m 6.625% sr sec notes due 03/01/25 (will be redeemed on 03/01/23 at 101.656), and repay EUR60m subordinated shareholder debt. Equity sponsor: Montefiore Investment (50.3%) (the remaining 49.7% is owned by the founders and managers). Biz: a French luxury brand that designs and distributes high-end ready-to-wear shows, leather goods and accessories. HQ: Paris, France.