ITALY: Campari completes $250m placement to refinance debt
Campari said today (18 June) that it has completed the placement, which split into senior notes of $40m, $100m and $110m set to mature in five, seven and ten years respectively.
The unsecured notes carry fixed annual interest rates of 6.83%, 7.50% and 7.99%.
Campari said proceeds from the placement, which increased from $150m to $250m due to strong demand from investors, "will be used to refinance debt incurred by the group in connection with the recent acquisition of Wild Turkey, and will substantially lengthen the maturity profile at favourable interest rates with no scheduled principal amortisation".
Pernod Ricard announced in April that it had agreed to sell Bourbon brand Wild Turkey to Campari for US$575m.
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