Italian Ravenna-based building company Cooperativa Muratori e Cementisti (Cmc) started yesterday its international roadshow for placing its debut bond.
The issue will be an high yield (Moody’s assigned rating B2 to the bond ) senior unsecured bond with a 300 million euros size. The bond will mature in 7 years and will be callable after 3 years. Joint global coordinator are Bnp Paribas and Unicredit, while bookrunner is Banca Imi (Intesa Sanpaolo Group).
Proceeds from the bond will be used by Cmc to reimburse in advance all short and medium term credit lines. Cmc reached 1.016 billion euros of revenues in 2013 (+10% from 2012) with an ebitda of 103.6 millions.
Cmc builds big infrastructures ranging from high ways to undergrounds and hydro-electric power plants, Cmc closed 2013 with a portfolio of orders of around 3 billion euros. More in detail, the whole portfolio grew to 2.97 billions in 2013 from 2.83 billions in 2012, with order from Italy down to 1.6 billions from 1.7 billions and orders from the rest of the world up to 1.3 billions from 1.1 billions.
