By Lisa Kerner
Charlotte, N.C., May 20 - Sogefi SpA privately placed $115 million of 6% senior notes due 2023 in the U.S. market, the first of two tranches it announced on Monday.
The notes will settle on May 31 and priced at par.
Interest on the notes is payable quarterly.
A second tranche of €25 million of seven-year non-callable notes is expected to settle in the next few days, according to a company filing.
Combined, the notes have an average fixed rate of 5.6% and a value of €115 million.
In addition to extending Sogefi's debt profile, the private placements support the company's planned international organic growth "in countries with higher development potential," a company news release said.
Sogefi (CIR group), based in Milan, develops and produces flexible suspension components and systems for managing, filtering and cooling engine fluids.
| Issuer: | Sogefi
|
| Issue: | Senior notes
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| Amount: | €115 million
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| Coupon: | Average fixed rate of 5.6%
|
| Distribution: | Private placement
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|
|
| First tranche
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| Amount: | $115 million
|
| Coupon: | 6%
|
| Maturity: | 10 years
|
| Settlement: | May 31
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|
|
| Second tranche
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| Amount: | €25 million
|
| Maturity: | Seven years
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