Davide Campari-Milano S.p.A. successfully placed an inaugural € 350 million unrated bond issue on the Euro market
Milan, 8 October 2009 - Following its announcement dated 1 October 2009, Campari today successfully completed the placement of an unrated seven-year Eurobond issue targeted to institutional investors. The offering is of € 350 million in principal amount and pays a fixed annual coupon of 5.375%; the issue price is 99.431% corresponding to an effective gross yield to maturity is 5.475%. The notes are due on 14 October 2016 and will be issued with denominations of € 50,000 and integral multiples of € 1,000 up to and including € 99,000. Application will be made for the notes to be admitted for trading on the regulated market of the Luxembourg Stock Exchange. The subscription settlement is expected on 14 October 2009.
Bob Kunze-Concewitz, Chief Executive Officer: “The transaction has been very successful both in Italy and the international markets. The bond issue was very well received by investors, reflecting Gruppo Campari’s excellent global brand recognition and reputation in the capital markets.”
The orderbook was closed after raising a total demand of € 2.7 billion, corresponding to an over-subscription of 9 times the offer. As a result, the offer was increased to € 350 million from the originally planned € 300 million.
With regard to distribution, Gruppo Campari's transaction attracted a geographically well diversified base of European high quality investors. The bonds were allocated to investors mostly based in Italy, United Kingdom, France, Germany and Switzerland.
The proceeds of the issue of the notes will be used by the issuer for debt refinancing and general corporate purposes.
Banca IMI, BNP Paribas and Calyon are acting as joint lead managers and bookrunners for the offer of the Notes.