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Italy’s Fiber Bidco conditionally calls secured floaters due 2027
By William Gullotti
Buffalo, N.Y., Jan. 11 – Fiber Bidco SpA (Fedrigoni) intends to redeem all of its outstanding senior secured floating-rate notes due Oct. 25, 2027 (ISINs: XS2548508451, XS2548508618) on Jan. 22, according to a notice issued to holders on Thursday.
With the redemption price set at 101, Fiber expects to pay an aggregate principal amount of €742,438,217.44 for the total redemption, plus €4,797,200.15 of accrued and unpaid interest up to but excluding the redemption date.
Unless otherwise waived, redemption is conditioned upon the completion of a new offering of floating-rate notes.
The record date is Jan. 19.
€572.66 million of the floaters were issued Oct. 25, 2022, carrying a coupon of Euribor plus 600 basis points.
The Verona, Italy-based Fedrigoni plans to use the proceeds from its €665 million offering of floating-rate notes due 2030 to fund the redemption.
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