Key Developments: Piaggio & C SpA (PIA.MI)

PIA.MI on Milan Stock Exchange

28 Nov 2014
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Latest Key Developments (Source: Significant Developments)

Piaggio & C SpA issues FY 2014 EBITDA guidance-Reuters
Sunday, 27 Jul 2014 08:00pm EDT 

Piaggio & C SpA:Expects to close FY 2014 with an EBITDA between 155-160 million euros, said CEO Roberto Colaninno on July 28 during a conference call following the release of the company's first-half result-Reuters.FY 2014 EBITDA at 163.28 mln euros-Thomson Reuters I/B/E/S.  Full Article

Piaggio & C SpA announces medium-term line of credit with syndicate of banks
Wednesday, 16 Jul 2014 11:42am EDT 

Piaggio & C SpA:Says it has stipulated a 5-year 220 million euro syndicated line of credit.The facility may be increased to a maximum of 250 million euros.Says it has been underwritten for an initial amount of 220 million euros by Bank of America Merrill Lynch, Banca Nazionale del Lavoro, HSBC, Intesa Sanpaolo, Mediobanca and Unicredit acting as mandated lead arrangers and bookrunners.The main purpose of the loan is to refinance the 200 million euro revolving credit line expiring in Dec. 2015 and ensure the funding needed for the international growth envisaged by Piaggio’s 2014-2017 business plan.The line of credit consists of a revolving facility for a maximum amount of 175 million euros and an amortising term loan for a maximum amount of 75 million euros.  Full Article

Piaggio & C SpA renews share buyback
Monday, 28 Apr 2014 10:47am EDT 

Piaggio & C SpA:Says the Shareholders' Meeting approved a plan for the purchase and disposal of ordinary own shares, annulling the shareholder resolution of April 15, 2013 to the extent that was not executed.  Full Article

Piaggio & C SpA completes placement of 250 million euro bond
Wednesday, 16 Apr 2014 09:33am EDT 

Piaggio & C SpA:Completes the placement on the high-yield market of a senior unsecured and non-convertible bond of 250 million euros (the Notes) with a maturity of 7 years and semi-annual coupon with fixed annual rate of 4.625 pct and issue price of 100 pct.Says the proceeds of the Notes will be used primarily to optimize the structure of Piaggio's indebtedness and, in particular, to lengthen its maturity (from 2.4 to 4 years), reduce its costs and increase the amount of indebtedness raised on the capital markets.Settlement and admission to trading on the Euro MTF Market managed by the Luxembourg Stock Exchange is expected to take place on April 24.Banca IMI S.p.A., BNP Paribas, BofA Merrill Lynch, HSBC Bank plc, Mediobanca - Banca di Credito Finanziario S.p.A., and UniCredit Bank AG acted as joint bookrunners.  Full Article

Piaggio & C SpA announces refinancing of 150 mln euros Senior Notes; issues FY 2014 Q1 guidance
Monday, 7 Apr 2014 03:06am EDT 

Piaggio & C SpA:Grants powers to its management to refinance its 2009 High Yield Bond in a principal amount of 150 mln euros, due on Dec. 1, 2016 through a liability management transaction.Says the early refinancing of the bond is to be made through the issuance of a new high yield bond in an amount to date expected to be 200 mln euros and maturing in 2021.Says that proceeds of bonds not used for the execution of the liability management transaction would be used to repay short-term financial liabilities and/or for general corporate purposes.Says further details about the operation will be published after its launch.Announces the preliminary figures on 2014 first quarter performance.Expects to report a reduction in net sales in the first quarter of fiscal year 2014 of about 4 pct compared with the first quarter of fiscal year 2013, net of the exchange-rate effect (a decrease about twice as much including the exchange-rate effect).Expects the EBITDA margin and the EBIT margin for the first quarter of fiscal year 2014 to be in line with that of the first quarter of fiscal year 2013.  Full Article

S&P's confirms Piaggio & C SpA's rating; revises outlook to negative-Reuters
Monday, 31 Mar 2014 08:00pm EDT 

Piaggio & C SpA:Standard & Poor's confirmed Piaggio's BB- rating, but revised the outlook to negative from stable due to weak market conditions-Reuters.  Full Article

Piaggio & C SpA approves Strategic Plan and issues FY 2017 guidance
Thursday, 20 Mar 2014 10:23am EDT 

Piaggio & C SpA:Says it approved the company's Strategic Plan for the 2014-2017 period.Expects for fiscal year 2017 a revenue growth with CAGR 2013-2017 of 9.6 pct, consolidated net sales of about 1,750 mln euros, EBITDA equal to about 250 mln euros with EBITDA margin at about 14 pct and net profit at about 70 mln euros.  Full Article

Piaggio & C SpA proposes no FY 2013 dividend
Thursday, 20 Mar 2014 07:46am EDT 

Piaggio & C SpA:Proposes for fiscal year 2013 to not distribute a dividend (2012: 0.092 euros).  Full Article

Piaggio & C SpA Launches New Vespa 946 In United States
Friday, 25 Oct 2013 10:29am EDT 

Piaggio & C SpA announced the launch of its model Vespa 946 in the United States.  Full Article

Piaggio & C SpA Announces New Vespa VX on Indian Market
Thursday, 20 Jun 2013 04:01am EDT 

Piaggio & C SpA announced that it has presented in Mumbai the new Vespa VX, the new scooter produced in India at its Baramati factory (State of Maharashtra). The Group also announced important plans to expand the Vespa offer on the Indian market. The new model was presented during a two-day convention for Vespa dealers active in India. Since Vespa production and marketing began in the subcontinent in May 2012, a distribution network of around 80 exclusive dealers operating in India’s 35 cities has already been built up. Developed specifically for the Indian market, the Vespa VX is based on the Vespa LX. The Vespa VX joins the Vespa model marketed in India, compared with which it offers enhanced comfort, new design elements and a new braking system featuring a front disk brake. The new VX is powered by the 4-stroke, 3-valve 125 cc engine developed by the Piaggio Group for the Indian two-wheeler segment: a no-noise eco-friendly unit with sharp reductions in exhaust and acoustic emissions, the engine’s have low fuel consumption levels, with a capacity of more than 60 km per litre of fuel.  Full Article

Indus Capital's Hedayat backs Piaggio, eyes at least 25 pct gain

LONDON, Nov 19 - Ali Hedayat, partner at hedge fund Indus Capital, said on Wednesday he backed Italian vehicle manufacturer Piaggio to outperform, boosted by a pick up in sales in Europe and India.

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