Italian ferry operator Moby is in roadshow for a 300 million euros bond issue, Thomson Reuters’s IFRS service wrote last Monday. The bond will be issued by Onorato Armatori spa and is expected to be priced tomorrow.
Bookrunners are Goldman Sachs, JP Morgan Unicredit, Banca Imi, Banca Akros and Jefferies. The bond is senior secured with a 7 years maturity,
Proceeds from the issue will refinance the existing debt of the group which results both from ordinary net financial debt (issued to finance ships acquisitions) and from a 100 million euros loan issued by Och-Ziff Management fund last July.
Och-Ziff actually structured last Spring the loan to allow the shipowner Vincenzo Onorato to buyback control of Moby and acquire control of Tirrenia. As for an agreement signed in January 2015 Mr, Onorato had time till July 31rd of last year to buy Clessidra fund’s 35% stake in Tirrenia (valued about 30 million euros) and 32% stake in Moby (valued about 50 millions).
At the same time Mr. Onorato bought minorities in Tirrenia’s capital: GIP, led by ceo Luigi Negri, will cash in 10-12 million euros for its 15% stake, while Shipping Investment led by Francesco Izzo will receive about 8 millions for its 10%. The whole deal was then valued about 100 million euros.
Moby’s FY 2014 consolidated financial statements showed the group reached 284 miillion euros in revenues (from 279.8 millions in 2013), a recurrent ebitda of 59.1 millions (from 45.6 millions) and a 15 million euros net profit (from a 1.4 million euros loss). As far as net financial debt is concerned Moby showed a decrease to 241.4 millions from 272.9 millions, with Unicredit, Banco Popolare and Banca Imi as major lenders. The group also counts a 240 million euros vendor loan.
