(Alliance News) - Interpump Group Spa announced Wednesday the finalization of an agreement with PGIM Inc. for a USD300 million note purchase and private shelf agreement and the simultaneous issuance of an initial EUR100 million bond issue from that amount, privately placed in the forms of a U.S. Private Placement.

Specifically, the company writes in a note, the shelf facility agreement grants the option-not the obligation-to the group to issue over the next three years bonds up to a total maximum of USD300 million, on the same contractual terms negotiated initially, with pricing to be defined at the time of the individual draw and a maximum term of 20 years.

At the same time, senior unsecured bonds in the amount of EUR100 million were issued in a single tranche with a 10-year maturity - January 2034 -, average maturity of 8 years, at a rate of 4.17 percent. These securities - placed with funds managed by Pricoa Private Capital, private capital division of PGIM Inc global investment manager of the U.S. insurance company Prudential Financial Inc.- pay a semi-annual fixed-rate coupon, are unrated and will not be listed on regulated markets.

"This transaction further strengthens Interpump's financial structure by diversifying funding sources, extending the average life of the debt and reducing the risk associated with interest rate fluctuations. This is perfectly consistent with and in support of the Group's growth strategy," says Fulvio Montipò, executive chairman of the group.

Interpump's stock is down 0.5 percent at EUR46.07 per share.

By Chiara Bruschi, Alliance News reporter

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