This morning sapphire launched an equity-linked bond for approximately 150 million, which forms part of a total refinancing of 300 million. The company communicates it, specifying that it is an unsecured and unsubordinated bond with expiry on May 22, 2019.
The operation is managed, as joint bookrunner, by Banca Imi, Bnp Paribas and UniCredit. The securities, guaranteed by Safilo Spa, will be convertible into shares subject to the approval of a capital increase.
The extraordinary shareholders' meeting that the company has scheduled for September 30 will have to express itself on the matter. The new debt securities will be issued at par for a nominal value of 100 million and will pay a fixed coupon of between 1,25 and 2%.
The issuer has reserved the option to redeem the bonds starting from 6 June 2017.
