By Paul A. Harris
Portland, Ore., Jan. 31 – Paris-based jewelry retailer THOM Group priced €850 million of Goldstory SAS six-year sustainability-linked senior secured notes (B2/B+) in two tranches on Wednesday, according to market sources.
A €350 million tranche of floating-rate notes priced with a 400 basis points spread to three-month Euribor at par. The spread came at the tight end of the 400 bps to 425 bps spread talk. The issue price came rich to price talk of 99.5.
A €500 million tranche of fixed-rate notes priced at par to yield 6¾%. The yield came 12.5 bps tighter than yield talk in the 7% area.
Physical bookrunners were BNP Paribas and JPMorgan. Joint bookrunners were ING and Societe Generale.
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.
Proceeds will be used to redeem the senior secured notes due 2026 in full and to fund €204 million of distributions to shareholders.
| Issuer: | Goldstory SAS
|
| Amount: | €850 million
|
| Issue: | Senior secured notes
|
| Maturity: | Feb. 1, 2030
|
| Physical bookrunners: | BNP Paribas and JPMorgan (joint global coordinators)
|
| Joint bookrunners: | ING and Societe Generale
|
| Trade date: | Jan. 31
|
| Settlement date: | Feb. 14
|
| Ratings: | Moody’s: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Floating-rate notes
|
| Amount: | €350 million
|
| Bill and deliver: | BNP Paribas
|
| Coupon: | Euribor plus 400 bps
|
| Floor: | 0%
|
| Price: | Par
|
| First call: | Feb. 1, 2025 at 101
|
| Price talk: | 400 bps to 425 bps at 99.75
|
|
|
| Fixed-rate notes
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| Amount: | €500 million
|
| Bill and deliver: | JPMorgan
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 463 bps
|
| First call: | Feb. 1, 2026 at 103.375
|
| Price talk: | 7% area
|
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