italy’s heritage prosciutto cotto (cooked ham) producer Ferrarini striked more than 30 million euros of orders from both Italian and international investors for its 15 million euros minibond and closed the placement a week ahead the deadline of April 16th.
Arranger Banca Popolare di Vicenza advised then the company to raise the issueamount to the maximum possible amount voted by the company’s board (i.e. 30 millions) and assign the bonds to the investors in fractions proportional with their respective orders (download here the press release).
«Thanks to the bond proceeds we will be able to anticipate some investments we had programmed in order to promote our brand and products in Italy and aborad”, chairman Luca Ferrarini said.
The bond has a 5 year maturity, pays a 6.375% coupon and will be listed on Borsa italiana’s ExtraMot Pro market, a segment where bonds issued by non-listed companies only are listed and where professional investors only are allowed to operate. Ferrarini closed 2014 with 254 million euros of consolidated revenues (+2% from 2013) and an ebitda of over 21 millions. The company obtained a A3.1 rating by Cerved Ratings, corresponding to a high credit worthiness (download here Cerved’s rating report).
Ferrarini is the mother company of a group which is active at International level in the production, processing, seasoning and sale of charcuterie and cheese. At the very beginning, it was specialized in the production of cooked ham without lactose and milk proteins, without gluten and added polyphosphates, thus becoming one of the national leaders in its sector. Later on, it began the production of Parma ham, culatello with pork rind and other food specialties. The range of products of Ferrarini also includes the production and sale of balsamic vinegar and wine, obtained from vines located on owned lands.