The CDP Group has subscribed a 60 million euro bond issued by Granarolo, a leading Italian company in the dairy sector.
The issue, subscribed in equal parts by Cassa depositi e prestiti and by the Fondo Sviluppo Export born on the initiative of SACE (CDP Group) and managed by Amundi SGR, has a duration of six years, provides for an annual coupon of 3,05% , and bullet refund.
The transaction was structured and placed by BNP Paribas and Deutsche Bank as Joint-Lead Managers.
The initiative contributes to the financing of Granarolo's new 2016-2019 Business Plan, a project which aims to implement a strategy of expansion abroad of the company and to achieve an increase of 20% to 40% in revenues from new markets. With the liquidity employed by the CDP Group, Granarolo will be able to conclude new acquisitions, expand the range of products offered and the geographies reached.
Through this operation, Granarolo not only continues its experience in the capital market which began in 2013 with the first bond listed on the Luxembourg Stock Exchange, but also expands the development strategy on foreign markets launched in 2011 with a series of acquisitions of production companies in France , Chile, Brazil and New Zealand and which, according to the Plan, provides for new strategic actions in non-European countries.
“The bond will help finance the 2016-2019 development plan that we are implementing – said Gianpiero Calzolari, Chairman of the Granarolo Group -. North America and Asia are the main outlet markets, for which we are planning in parallel the launch of a vast basket of Made in Italy products and innovative products that respond to the specific needs of those communities".
"With this transaction, the CDP Group contributes to the development abroad of a leading Italian company in the agri-food sector" - said Antonella Baldino, Chief Business Officer of Cassa depositi e prestiti -. “This is an operation that combines the CDP Group's commitment to supporting the internationalization processes of Italian companies, a key factor for success and competitiveness, with support for a sector that has always stood out as an Italian excellence. In fact, the agri-food sector represents a strategic asset of the country's economy, not only because it contributes significantly to economic growth and represents a significant share of our exports, placing us at the top of the rankings of exporting countries, but also for the image of quality which has always given back to the country on an international level” – concluded Antonella Baldino.
