Safilo, 225-Million Euros Bond

Vittorio Tabacchi's Safilo is about to issue the first Italian junk bond after Cirio: the issue is organized by Csfb and Caboto and will have the same characteristics as a high-risk, high-yield eurobond for institutional investors.

The bond will have a ten-year maturity period and will include a callable clause (redemption prior to maturity) at the fifth year. The issue is for 225 million euros. To know the yield, we will have to wait for the issue pricing, due on May 12-13. The road show is fixed for Thursday, May 8, in Milan.

The Safilo bond follows the purchase by Csfb Private Equity of a 270-million minority share. At December 2001, the bond was called by the Stock Exchange through public offering.

(Source: MF Fashion)