Piaggio intends to start a liability management operation to refinance and then repay in advance a 150 million bond, with a new issue high-performance for 200 million. This was stated in a note from the company, which also provides preliminary estimates of some budget data.
In the first three months of 2014, the group estimates a quarterly decline in revenues net of foreign exchange of 4% and an Ebitda margin in line with the first quarter of 2013. The transaction on the bond would be carried out in two phases: an exchange transaction , with the exception of the United States, on the 150 million bond loan maturing on December 1, 2016; the issue of a new high yield bond, for 200 million and maturing in 2021.
Il title Piaggio does not start the week well in Piazza Affari: at the opening of the session it loses more than 2% a 2,85 euro.
