(Alliance News) - Clabo Spa announced Tuesday the issuance and subscription of part of a EUR6.85 million nonconvertible bond issue represented by 137 bonds with a par value of EUR50,000 each.

It was underwritten by Anthilia Capital Partners SGR and Riello Investimenti SGR.

The purpose of the transaction is to support Clabo's development plans, including following the acquisition of a minority stake in Howard McCray, a company active in the U.S. in the refrigerated display case sector, which is already 57.7 percent controlled by the company, as well as to strengthen its financial structure by providing it with the appropriate operational flexibility.

Specifically, Anthilia Capital Partners SGR - as lead investor and through the Anthilia GAP fund - subscribed 100 securities with a par value of EUR50,000 each, for a total amount of EUR5.0 million; while Riello Investimenti SGR - through the Impresa Italia II fund - subscribed 37 securities with a par value of EUR50,000 each, for a total amount of EUR1.85 million.

The loan has a term of 81 months until December 31, 2030. In particular, the bond regulations include specific covenants of an economic-financial nature, relating to compliance with predefined threshold values in terms of NFP/Ebitda, adjusted NFP/Ebitda, NFP/PN of the company and Ebitda of the subsidiary Howard McCray as well as specific covenants of an ESG nature.

Unitholders will benefit from the guarantee given by the pledge on the shares of capital stock of U.S. subsidiary Howard McCray, established by Clabo Holding USA Inc.

Clabo's stock closed Tuesday up 2.2 percent at EUR2.37 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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