Shearman & Sterling represented IT Holding S.p.A. in a €150 million offering of 9.875% senior notes due 2012. IT Holding is one of Europe's leading producers and distributors of luxury designer apparel and accessories under internationally recognized brands including D&G Dolce & Gabbana, Versace Jeans Couture, Gianfranco Ferré, Just Cavalli, Costume National, Malo and Exté.  This transaction represented the first issuance of high yield notes by an Italian group other than in a private equity/LBO context. It was also one of the first offerings of debt securities to US investors by an Italian group after the recent Parmalat scandal.  Joint bookrunners for this transaction were Merrill Lynch International and Banca IMI.