Italian fashion brand Twin Set will launch a 5 year maturity bond by the end of July. The company aims at raising 150 million euros with the bond inorder to refinance debt, pay an extra dividend to its shareholders and finance international development of the brand.
Twin Set is controlled by private equity giant Carlyle since two years with a 72 pct stake, while founders Tiziano Sgarbi (ceo) and his wife Simona Barbieri (stylist) still own the remaining 28 pct stake.
Advisor to Twin Set for the deal is Ubs, while Banca Imi and Unicredit will be the joint bookrunners. The bond will be rated by Moody’s and S&P’s and will be listed on a regulated Ue market.
The bond issue will be a first test for the company on the market in view of a future listing on the Italian Stock Exchange. Carlyle managing partner for Italy, Marco De Benedetti, told the Italian press that “an ipo is surely a possibile exit for us, but this won’t be tomorrow. I think te end of 2015 or the beginning of 2016 might be a right time. Today we are involved with making the brand growing at international level”.
Twin Set reached a revenue of 177 million euros in 2013 (+22% from 2012) and an ebitda of 40 millions (+8.4%).