De Cecco issues two minibonds totalling EUR 25m (translated)
03 DEC 2018
De Cecco, the privately-held Italian pasta manufacturer, has issued two minbonds totalling EUR 25m, Italian language daily Il Sole 24 Ore reported. The report cited a statement noting that the proceeds of the minibonds will be used for R&D, product innovation and energy saving and environmental projects.
Banca Popolare di Bari acted as advisor, arranger and sole bookrunner.
The report noted that the first minibond totalling EUR 21m is quoted on the ExtraMot Pro market while the EUR 4m minibond has not been listed and was underwritten by a single professional investor.
The item cited chairman Filippo Antonio di Cecco as noting that the successful issues showed strong interest on the part of institutional investors in the company, particularly its internationalisation strategy.
The report added that De Cecco has turnover of EUR 450m and a net profit of EUR 13m.
In March this news service reported that De Cecco, had mandated Rothschild as a financial advisor ahead of a potential IPO. The listing was expected to take place by the end of this year, according to another report by this news service in June. However, the float faced a possible delay to January 2019 in case of acute political instability, the report noted.