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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. 

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