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EM-focused Carraro Finance to offer up to €120 million bonds at par
By William Gullotti
Buffalo, N.Y., Jan. 31 – Carraro Finance SA announced it will issue up to €120 million senior non-convertible bonds at par, according to press release on Monday.
The bonds will be guaranteed by Carraro SpA.
The company expects the issuance to total between €100 million and €120 million with a tenor of five or six years.
The proposed bonds will bear fixed interest, to be determined based upon market conditions, that will not be lower than 2¾%.
Proceeds from the proposed issuance will be used mainly to refinance existing debt including the early repayment in full of the Feb. 7, 2018 bond issued by Carraro International SE (ISIN: XS1747134564).
The offering is expected to start by the end of February with the issuance to take place by mid-March.
Equita SIM SpA will act as the placement agent.
Carraro makes eco-compatible power transmission systems primarily for agricultural machinery. The Campodarsego, Padua, Italy-based company has production plants in India, Argentina, China, South Africa and Brazil.
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