May 8, 2014 / 12:35 PM / in 4 years

Rottapharm to pay back bank debt after IPO

MILAN, May 8 (Reuters) - Italy’s Rottapharm Madaus said on Thursday its owner Fidim would reimburse 253.59 milllion euros it owes to the pharmaceutical group using proceeds from a planned share listing of the unit.

Findim is planning to list up to 40 percent of Rottapharm Madaus on the Milan bourse in an IPO potentially valuing the company at up to 2.2 billion euros.

Rottapharm said in a statement Fidim had committed to pay back its debt towards the group when the new shares would start trading in the coming months.

Rottapharm also said it would use the money, as well as proceeds from the sale of its RRL Immobiliare unit, to reimburse ahead of maturity its banking debt. (Reporting by Valentina Za and Elisa Anzolin)

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