Wires

Foreign investors took up 70 pct of Pirelli bond-source

Share

MILAN, Oct 12 (Reuters) - Foreign investors have bought 70percent of a 150 million-euro ($194 million) exchangeable bondissued by Italian holding company Camfin to repaydebt, a source close to the matter told Reuters on Friday.

The five-year bond is convertible into shares of tyre makerPirelli , which is controlled by Camfin. The issue waslaunched on Friday.

The source said demand was 2.3 times the amount on offer. Camfin will use 132 million euros to repay debt due atyear-end and the rest to help rescue loss-making real estategroup Prelios in which Camfin has a 14.8 percentstake.($1 = 0.7726 euros)

(Reporting by Andrea Mandala')

((francesca.landini@thomsonreuters.com)(+39 0266129437)(Reuters Messaging:reutersitaly.thomsonreuters@reuters.net))

Keywords: CAMFIN BOND/INVESTORS

Related Tags