Italian shipping company D’Amico di Navigazione might issue its first bond quite soon, MF-Milano Finanza writes today.
Cfo Giovanni Barberis actually told the newspaper that “among the projects of the company in the short term we are looking with a lot of interest to the bond market which still pays low interest rates. The group has an investment plan for the newxt few years of a total of 1.2 billion euros in order to acquire 40 new ships using leverage debt in a measure of 60-65pct. The group has 250 million euros of free cash flow now, but we might look at the bond market in euros or dollars for a 100 millions issue”.
D’Amico group, which is controlled by the d’Amico family, closed 2013 with 625 million euros of revenuesm and ebitda of 55.8 millions and a positive net result of 49.5 millions. The group in turn controls d’Amico International Shipping (DIS), a company listed at the Italian Stock Exchange active in the shipping market of chemical and refined products with Medium range tanker ships. Listing of the dry bulk division might be an option but in the long term.
