CBR Fashion Group : Focus Emission

CBR Fashion is poised to issue a five-year senior secured bond of € 450m maturing in 2022 and callable from 2019. The documentation provides for a call at 103% on 10% of the maximum amount outstanding, exercisable once a year before the first call date. It also includes an equity clawback clause on 40% of the maximum amount outstanding (provided that at least 50% of the initial amount remains outstanding) and a change-of-control clause at 101% with portability (i.e. only valid if pro forma net leverage is more than 4.25x within 24 months and 3.75x subsequently).>