Commentary & Deal Flow

IM Group SAS (Isabel Marant) (IMGRP) EUR265m (up from EUR250m) Reg S only sr sec 1st lien notes due 03/01/28 (5y). NC2 (MWC B+50bp), then at 104.00, 102.00, 100. Equity claw 2y 40% at 108.00. B2/B (stable/stable). Via JPM sole. List Lux. NY law. Pays March 15 and Sept 15, starting 09/15/23. Settles 02/21 (T+10). ISIN: XS2587104444. IPT: mid 8s. Guidance: 8.25% area. EUR15m upsize for cash on the B/S. Px talk 8.00%-8.25%.

Priced: 8.00% at 100. +574bp vs DBR 0.5% 02/15/28.

Did investor call yesterday. Books closed at 11am UKT today. 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 (EUR15m upsize for cash on the B/S). 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.