THOM Group starts roadshow for €850 million two-part secured sustainability-linked notes

By Paul A. Harris

Portland, Ore., Jan. 29 – Paris-based jewelry retailer THOM Group began a Monday-Tuesday roadshow for an €850 million two-part offering of Goldstory SAS six-year sustainability-linked senior secured notes, according to market sources.

The Rule 144A and Regulation S deal features floating-rate notes, which are subject to an initial call after one year at 101, and fixed-rate notes with a first call after two years at par plus 50% of the coupon.

Tranche sizes remain to be determined.

The sustainability performance targets include reductions in scopes 1, 2 and 3 greenhouse gas emissions by 16% by 2027, and 85% of products and gold to be purchased from non-branded suppliers (tier 1) that are certified and audited by 2027.

BNP Paribas and JPMorgan are joint physical bookrunners and global coordinators. BNP will bill and deliver for the floating-rate notes. JPMorgan will bill and deliver for the fixed-rate notes.

ING and Societe Generale are joint bookrunners.

Proceeds will be used to redeem the senior secured notes due 2026 in full and to fund €204 million of distributions to the shareholders.

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