GO
Loading...

Camfin launches 150 mln euro convertible bond

MILAN, Oct 12 (Reuters) - Italian holding company Cafmin , which controls tyremaker Pirelli , said on Friday it launched a fixed-rate 150 million euro ($194.14 million) bond convertible into 5.85 percent of Pirelli shares.

The Pirelli shares to be converted will be supplied by Camfin and will not therefore be newly issued. Proceeds from the bond will be used to pay 132.4 million in debt at Camfin as well as to recapitalize real estate group Prelios .

The bond will have a coupon of between 5.25 percent and 6 percent. The implicit conversion price will be calculated based on a premium of between 27.5 percent and 32.5 percent of the average Pirelli price between the bond's launch and the setting of the final terms.

Banca IMI, BNP Paribas and Unicredit Bank are joint bookrunners and joint lead managers for the sale. ($1 = 0.7726 euros)

(Reporting by Jennifer Clark)

((jennifer.clark1@thomsonreuters.com)(+3902 66129422))

Keywords: CAMFIN BOND/