New Issue: Italy's Marcolin prices €200 million six-year secured notes at par to yield 8½%

By Paul A. Harris

Portland, Ore., Nov. 7 - Marcolin SpA priced a €200 million issue of six-year senior secured notes (B2/B-/) at par to yield 8½% on Thursday, according to a market source.

The yield printed at the tight end of the 8½% to 8¾% yield talk.

Joint bookrunner Goldman Sachs International will bill and deliver. Banca IMI, Natixis, UniCredit and IKB were also joint bookrunners.

The Milan, Italy, eyewear company plans to use the proceeds to fund the acquisition of VIVA International from HVHC and to refinance debt.

Issuer:	Marcolin SpA
Amount:	€200 million
Maturity:	Nov. 15, 2019
Securities:	Senior secured notes
Bookrunners:	Goldman Sachs (bill and deliver), Banca IMI, Natixis, UniCredit, IKB
Coupon:	8½%
Price:	Par
Yield:	8½%
Spread:	765 bps
Call protection:	Three years
Trade date:	Nov. 7
Settlement date:	Nov. 15
Ratings:	Moody's: B2
	Standard & Poor's: B-
Price talk:	8½% to 8¾%
Marketing:	Roadshow

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