ITALY: Campari secures EUR400m through bond issue
Campari will use the money to fund its purchase of Lascelles deMercado
Gruppo Campari is set to raise EUR400m (US$524.3m) from the issue of bonds that will trade on Luxembourg’s stock exchange.
The placing, announced late today (18 October), matures in October 2019 and pays a fixed annual coupon of 4.5%, Campari said. The funds replace a bridge loan secured for the firm’s purchase of a majority stake in Lascelles deMercado, the owner of the Appleton Estate and Wray & Nephew rum brands, which was announced last month.
“The order book was closed after raising a total demand of EUR4.8bn, corresponding to an over-subscription of 12 times the issue size,” Campari said. “As a result of the strong interest from investors, the initial offer of EUR350m was increased to EUR400m.”
Settlement of the notes is expected next week.
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