Italy’s dairy group Granarolo is studying tha launch of new 40-60 million euros bond with a private placement after a first 50 millions size issue in 2013, MF Milano Finanza writes today adding that the Bologna-based group, which is controlled by local dairy cooperatives and partecipated by Intesa Sanpaolo bank with a 19.78% stake, mandated Bnp Paribas and Deutsche Bank as financial advisors for the deal.
The new bond will be listed on the Euro Mtf in Bruxelles, will pay a maximum 3.5% fixed coupon and will have a 5 to 8 years maturity. MF Milano Finanza, Cassa Depositi e Prestiti and Sviluppo Export (a private debt fund managed byAmundi sgr and sponsored by Italy’s export agency Sace and the EIB ) are said to be among the bond subscribers. The bond will be secured by a guarantee by Sace for a maximum of 30 million euros.
Proceeds from the new issue will allow Granarolo to optimize its financial debt structure and finance its further international growth beyond. Granarolo is already active in France, Spain, Brazil, Chile and Australia.
The Italian company (Granarolo spa) reached 1.08 billion euros in revenues in 2015 (from 1.04 billions in 2014) with a 79.9 million euros ebitda (from 66.5 millions) and a 13.9 million euros net financial debt (from 30.3 millions), compared to gross banking debt of about 130 million euros (see here ana analysis by Leanus, after free registration).
Last May Granarolo’s cfo Alessia Vianello, speaking at a conference organized by legance law firm in Milano, said that “Granarolo has been enlarging its funding sources for some years. So at the end da tempo le nostre fonti di raccolta. In particolare at the end of 2013 we had issued a 50 million euros bond with a 6 years maturity in a private placement to an institutional investor. We also started a 70 million euros securitization program on trade invoices on a revolving basis”.
