UnipolSai sells 202 million euro mandatory convertible bond

MILAN, April 24 Thu Apr 24, 2014 12:04pm EDT

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MILAN, April 24 (Reuters) - UnipolSai has issued a 201.8 million euro ($279 mln) bond that will convert automatically into company's shares at maturity on Dec. 31, 2015, following a four-way merger which created Italy's second-biggest insurer.

UnipolSai was born from the merger of insurer Unipol and Fondiaria-SAI, controlled by holding company Premafin. The mandatory convertible bond is part of Premafin's debt restructuring accords sealed at the time of the merger.

The company said in a statement on Thursday banks that were Premafin's creditors and are now creditors of UnipolSai had bought 134.3 million euros of the bond. Parent company Unipol Gruppo Finanziario has bought the rest. (Reporting by Valentina Za; editing by Francesca Landini)

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