...November 7, 2023 PARIS (S&P Global Ratings) Nov. 7, 2023--S&P Global Ratings today assigned its 'B' issue rating and '3' (55%) recovery rating to International Design Group SpA (IDG)'s proposed 400 million, senior secured, fixed-rate notes due 2028. The proposed notes will rank pari passu with the existing 470 million senior secured floating rate notes due 2026. The issuance proceeds will be used for the early refinancing of the existing 400 million senior secured fixed notes due 2025. To support its liquidity profile, the company also intends to upsize its super senior secured revolving credit facility (RCF) to 140 million from 100 million, which is expected to mature in 2028 and is drawn by 43 million post-transaction. IDG's proposed refinancing is leverage neutral, with S&P Global Ratings-adjusted debt to EBITDA at about 6.0x-6.5x by year-end 2023, up from 5.9x in 2022. This compares with the deleveraging toward 5.0x-5.5x we previously forecast. The change is mainly because of weakened...
