May 15, 2014 / 8:11 AM / in 4 years

Safilo prepares 300 mln euro refinancing

MILAN, May 15 (Reuters) - Italian eyewear group Safilo said on Thursday it had launched equity-linked bonds and its board had approved the conditions of a credit facility to diversify its financing and extend the maturity of its debt.

Safilo, which makes glasses for its own Polaroid and Carrera brands and fashion labels Gucci and Dior, said in a statement it had launched 150 million euros ($206 million) in five-year unsecured and unsubordinated equity-linked bonds.

The coupon and conversion price of the bonds will be determined through an accelerated placement on Thursday.

Safilo also expects to finalise a four-year unsecured, unsubordinated revolving credit facility for up to 150 million euros with banks in the coming weeks.

The bonds and loan facility will be partly used to repay debt that matures in 2015, Safilo said.

The bonds will pay a coupon of 1.25-2 percent and be convertible into shares, subject to shareholder approval of a capital increase, Safilo said.

The initial conversion price will be fixed by applying a premium of between 32.5 percent and 40 percent, based on the share price between the launch and pricing of the bonds.

$1 = 0.7294 Euros Reporting by Isla Binnie; Editing by Mark Potter

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