By Paul A. Harris
Portland, Ore., Feb. 3 – Milan-based eyewear designer Marcolin SpA priced a €250 million issue of six-year senior secured floating-rate notes (B2/B) at par to yield Euribor plus 412.5 basis points on Friday, according to market sources.
The spread to Euribor came at the tight end of revised spread talk in the Euribor plus 425 bps area. That talk had tightened from earlier spread talk of 475 bps.
The reoffer price came on top of price talk.
Timing was accelerated. The deal had previously been expected to remain in the market into the week ahead.
Credit Suisse, Deutsche Bank and UniCredit were the bookrunners.
Proceeds will be used to refinance debt.
| Issuer: | Marcolin SpA
|
| Amount: | €250 million
|
| Maturity: | Feb. 15, 2023
|
| Securities: | Senior secured floating-rate notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank, UniCredit
|
| Coupon: | Euribor plus 412.5 bps
|
| Price: | Par
|
| Yield: | Euribor plus 412.5 bps
|
| Call protection: | One year
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Price talk: | Euribor plus 425 bps, revised from Euribor plus 475 bps
|
| Marketing: | Roadshow
|
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