THOM Group sets initial talk in €850 million two-part sustainability-linked notes offering

By Paul A. Harris

Portland, Ore., Jan. 30 – Paris-based jewelry retailer THOM Group set initial price talk in its €850 million two-part offering of Goldstory SAS six-year sustainability-linked senior secured notes (B2/B+), according to market sources.

The Rule 144A and Regulation S deal features floating-rate notes, subject to a call after one year at 101, initially talked at Euribor plus 425 basis points to 450 bps at 99.5.

The offering also includes a tranche of fixed-rate notes with a first call after two years at par plus 50% of the coupon, initially talked to yield in the low-7% area.

Tranche sizes will be €350 million minimum. Final sizes remain to be determined.

The roadshow was scheduled to wrap up on Tuesday.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.