Piaggio offers to exchange 2016 bond with new 7-yr issue
MILAN, April 7
MILAN, April 7 (Reuters) - Italian scooter maker Piaggio said on Monday it offered holders of a 150 million euro bond due in 2016 to exchange their notes at a price of 104.5 with a new seven-year bond to be issued at par for a total of 200 million euros ($274 mln).
Piaggio said bondholders willing to swap their notes had until April 15 inclusive to notify the exchange agent.
The minimum coupon of the new issue will be announced on April 14, it said. The 2016 bond pays a 7 percent coupon. The new issue would be priced on April 16 after the company gives details on how many bondholders have accepted the swap offer. ($1 = 0.7303 Euros) (Reporting by Valentina Za, editing by Francesca Landini)
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