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Piaggio issues conditional redemption notice for €250 million notes
By Mary-Katherine Stinson
Lexington, Ky., Sept. 25 – Piaggio & C. SpA has issued a conditional notice of redemption for its existing €250 million 3 5/8% senior notes due 2025 (ISIN: XS1808984923, XS1808984501).
The redemption is conditioned upon the issuer receiving enough funds from a refinancing transaction to fund the redemption.
The notes will be redeemed at par on the later of Oct. 5 or the business day immediately following the satisfaction or waiver of the refinancing condition, provided that the date is not more than 60 days after the original redemption date.
Accrued interest and additional amounts, if any, will also be paid.
Deutsche Trustee Co. Ltd. is the trustee, and Deutsche Bank AG, London Branch is the principal paying agent.
The notes will cease to accrue interest and any additional amounts, if any, on the optional redemption date.
The company is conducting a roadshow that starts Monday and is scheduled to go through Wednesday for a €250 million offering of senior notes (Ba3/BB-), according to a market source.
Piaggio is a Pontedera, Italy, maker of motorcycles and scooters.
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