Published on 3/18/2005 in the Prospect News High Yield Daily.
New Issue: Escada prices €200 million seven-year notes at par to yield 7½%
By Paul A. Harris
St. Louis, March 18 - Escada AG priced €200 million of seven-year senior notes (B2/BB-) at par to yield 7½%, according to a market source.
Price talk was in the 7½% area.
Deutsche Bank Securities and HVB were the underwriters for the Rule 144A/Regulation S with no registration rights issue.
Proceeds will be used to refinance bank debt and to improve the company's capital structure.
Escada is an Aschheim/München, Germany, designer and marketer of upscale women's apparel.
Issuer: | Escada AG
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Amount: | €200 million
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Maturity: | April 1, 2012
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Security description: | Senior notes
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Underwriters: | Deutsche Bank Securities, HVB
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Coupon: | 7½%
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Price: | Par
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Yield: | 7½%
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Spread: | 419 basis points
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Call features: | Callable after April 1, 2009 at 103.75, 101.875, par on and after April 1, 2011
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Equity clawback: | Until April 1, 2008 for 35% at 107.50
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Trade date: | March 18
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Settlement date: | March 23
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Ratings: | Moody's: B2
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| Standard & Poor's: BB-
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Price talk: | 7½% area
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