By Mary-Katherine Stinson
Lexington, Ky., Oct. 25 – Carraro Finance SA ended the public offering early for its €120 million of senior unrated and non-convertible notes to be guaranteed by Carraro SpA, according to a press release.
Subject to required approvals and authorizations, the offering was set to begin on Oct. 25 and end on Oct. 31. Issuance was scheduled for Nov. 6.
The notes were sold for a total nominal amount of €120 million at an issue price of par, represented by 120,000 notes with a nominal value of €1,000 each. Initially, notes were to be sold from a minimum of €100 million to a maximum of €120 million, as previously reported.
The notes mature Nov. 6, 2028 and bear interest at a fixed rate of 7¾%.
The notes will be callable at 103 starting May 6, 2025, at 101.5 starting May 6, 2026 and at par starting May 6, 2027. The notes are subject to mandatory early redemption if a change of control occurs.
The notes were offered to the general public in Luxembourg and Italy and to be distributed with qualified investors in the European Economic Area and the United Kingdom and institutional investors under Regulation S.
Proceeds from the issuance, along with cash reserves, will be used to early redeem by Dec. 31 the €180 million of senior unrated and non-convertible notes due January 2025.
Carraro makes power transmission systems primarily for agricultural machinery. The Campodarsego, Padua, Italy-based company has production plants in India, Argentina, China, South Africa and Brazil.
| Issuer: | Carraro Finance SA
|
| Guarantor: | Carraro SpA
|
| Amount: | €120 million
|
| Issue: | Senior unrated and non-convertible notes
|
| Maturity: | Nov. 6, 2028
|
| Placement agent: | Equita SIM
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Call features: | At 103 starting May 6, 2025, at 101.5 starting May 6, 2026; at par starting May 6, 2027
|
| Change of control: | Yes
|
| Settlement date: | Nov. 6
|
| Distribution: | Regulation S
|
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