Difficult sitting for Prysmian, with the stock at 12 at the bottom of the Ftse Mib with a drop of 2,6% to 27,20 euros.
The company specializing in the production of cables, before the opening of the Stock Exchanges, announced the launch of a new equity-linked bond loan of 650 million and the "possible simultaneous repurchase of the securities of the zero coupon equity-linked company of 500 million currently outstanding" up to 250 million.
The bonds will have a duration of 5 years and a nominal unit value of at least 100 thousand euros. The offer is aimed exclusively at qualified investors on the Italian and international markets.
The net proceeds of the issue will be used to refinance existing debt. The new titles, explained Prysmian “will be cconvertible into ordinary shares of the company” subject to approval by the shareholders' meeting scheduled for June 30, of a capital increase "with the exclusion of the option right to be reserved exclusively for the service of the conversion of the bonds".
Il conversion price of the bonds will be carried out by applying a premium between 45% and 50% on the weighted average price of the ordinary shares.
"Assuming the total conversion of the bond - calculate the Equita analysts - the maximum dilutive impact" on the expected earnings per share between 2021 and 2023 would be less than 5%.
