Italeaf gets OK to amend, extend TerniEnergia 6.875% notes due 2019

By Susanna Moon

Chicago, Dec. 14 – Italeaf SpA said that holders had approved amending TerniEnergia SpA’s €25 million 6.875% notes due 2019 and extending the maturity to Sept. 30, 2019 from Feb. 6, 2019.

At the meeting on Friday, there were 133 bondholders representing 53.2% of the bond issue.

The extension was needed to allow the company the time it needs to sign an agreement under a recovery and re-launch plan, according to an announcement.

The interest calculation period for the determination of the date of payment of interest accrued during the 2018 financial year has a new date of Sept. 30, 2019.

The plan may be changed due to developments in negotiations with the creditors, the release noted.

“We are convinced that in the medium term, following the industrial and operational turnover indicated in the recovery and re-launch plan, the group will restart to create value in highly competitive sectors with great prospects such as digital energy and hi-tech,” chairman of TerniEnergia Stefano Neri said in the press release.

“The trust placed in us by the bondholders represents an important impulse to accelerate the implementation of the recovery and re-launch plan, which will allow the group to recover efficiency and profitability. It is also a decisive signal to shareholders, the banking community and other stakeholders of the management's and the company's ability to react in order to achieve financial equilibrium.

“We are strongly committed to creating the conditions to seize the opportunities offered by the digital transformation in energy and energy efficiency, consolidated sectors of the group's activities, and in the sectors of mobility and transport, smart cities and automation for industrial sustainability.”

TerniEnergia, a company incorporated in September 2005 and part of Italeaf Group, operates in renewable energy sector and is active in the photovoltaic field. Italeaf is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech.

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