By Paul A. Harris
Portland, Ore., May 7 – Golden Goose SpA priced a €480 million issue of six-year senior secured floating-rate notes (B+/B-) with a coupon of Euribor plus 487.5 basis points at 98 on Friday, according to market sources.
The spread to Euribor came at the tight end of spread talk in the 500 bps area.
Joint bookrunner Goldman Sachs will bill and deliver. Other joint bookrunners were Credit Suisse, Barclays, BofA and Banca IMI.
The Milan-based apparel company plans to use the proceeds plus cash on its balance sheet to pay off its bridge facility.
| Issuer: | Golden Goose SpA
|
| Amount: | €480 million
|
| Tenor: | Six years
|
| Securities: | Senior secured floating-rate notes
|
| Left bookrunner: | Goldman Sachs
|
| Joint bookrunners: | Credit Suisse, Barclays, BofA and Banca IMI
|
| Coupon: | Euribor plus 487.5 bps
|
| Price: | 98
|
| Libor floor: | 0%
|
| Call protection: | 1.5 years
|
| Trade date: | May 7
|
| Ratings: | S&P: B+
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Euribor plus 500 bps area
|
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