By Paul A. Harris
Portland, Ore., Feb. 7 – French clothing retailer Isabel Marant priced a €250 million issue of IM Group SAS five-year senior secured notes (B2/B) at par to yield 8%, according to market sources.
The yield printed at the tight end of the 8% to 8¼% yield talk. Initial talk was in the 8¼% area. Early whisper had the notes coming to yield in the mid-8% area.
JPMorgan managed the notes sale.
The Paris-based company plans to use the proceeds to redeem its senior secured notes due March 2025 as well as to fund a €60 million dividend to its shareholders.
Issuer: | IM Group SAS
|
Amount: | €250 million
|
Issue: | Senior secured notes
|
Tenor: | Five years
|
Lead: | JPMorgan
|
Coupon: | 8%
|
Price: | Par
|
Yield: | 8%
|
Spread: | 574 bps
|
Call protection: | Two years
|
Ratings: | Moody's: B2
|
| S&P: B
|
Distribution: | Regulation S
|
Price talk: | 8% to 8¼%
|
|
|
© 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.