C.M.C. (Cooperativa Muratori e Cementisti) di Ravenna, a leading building company in Italy, will issue a new 325 million euros bond maturing in 2023 in order to refinance a 300 million euros senior unsecured bond maturing in July 2021 and paying a 7.5% coupon issued in July 2014.
The new bond will be listed at the Luxembourg Bourse, while il reimboursement of the 2021 bond hase been fixed on December 3rd at a 103.75 cents price. The 2021 bond cosed a 104.243 cents yesterday at the Luxembourg Bourse.
CMC di Ravenna had issued a 250 million euros bond last July maturing in 2022 and paying a 6.875% coupon which Moody’s and S&P’s had assigned respectively a B2 and B rating.
In that case too proceeds from the bond had been used to reimbourse previous debts of the group, including a revolving credit facility, part of existing medium-long term debts and part of existing short term debts.
