Campari has placed an unrated five-year bond. The issue was aimed only at institutional investors and, according to the company's announcement, received a very positive response from both Italian and foreign investors.
Going into detail, the offer concerns a bond with a nominal amount of 150 million euro, the maturity of which has been set for 30 April 2024. The fixed annual coupon is 1,655%.
“An application will be made for the bond to be admitted to trading on the unregulated market of the Vienna Stock Exchange. It is expected that the settlement of the payment of the bond will take place indicatively on 30 April 2019”, informs Campari.
The bonds will be issued at an issue price of 100%. The proceeds of the issue will be used for general corporate purposes, notably the refinancing of existing debt.
“With this transaction – reads the company note – Campari intends to optimize its debt structure by lengthening the average maturity of its liabilities, benefiting from the low levels of interest rates present on the market”.
Banca IMI (Intesa Sanpaolo Group) acts as Sole Lead Manager for the issue of the new bond, Allen & Overy as legal advisor.
In Piazza Affari, the Campari share gained 0,87%, despite the ex-dividend date. The company distributes a dividend of 0,05 cents per share, with a yield of 0,58%. Payment is expected on Thursday 25 April.
