Prysmian raises 300 mln euros from convertible bond

MILAN, March 5 Tue Mar 5, 2013 10:24am EST

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MILAN, March 5 (Reuters) - Prysmian, the world's largest cable maker, has placed a bond convertible into its owns shares which will raise 300 million euros ($390 million), the company said on Tuesday.

"The money raised will be used to optimise the financial structure and the cost of capital of the company and for general corporate purposes," it said in a statement.

The bonds will have a maturity of five years and will pay a coupon of 1.25 percent per year payable semi-annually, it said. The initial conversion price is set at 22.3146 euros.

Prysmian announced the placement of the equity-linked bonds earlier on Tuesday.

($1 = 0.7687 euros) (Reporting By Danilo Masoni, editing by Stephen Jewkes)

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