Piaggio cancels €28.04 million of 10% senior notes, plans to redeem half of notes at premium

By Jennifer Chiou

New York, Oct. 16 - Piaggio Finance SA informed the Irish Stock Exchange that it canceled €28.04 million of its original €150 million of senior notes due 2012.

The company also said that it notified holders on Sept. 16 that it planned to redeem 50% of the outstanding notes at a redemption price of 105%. The redemption date was slated for Oct. 16.

On Dec. 24, 2008, the company said it had acquired €3.65 million of the notes. In addition to repurchases on Dec. 17 and Dec. 22, 2008, the company bought back a total of €26.04 million of the notes, or 17.4% of the initial amount.

At the time, it did not cancel the repurchased notes.

Following the cancellation, €121.96 million of notes remained outstanding.

The company is a subsidiary of Piaggio & C. SpA, a Pisa, Italy-based motorcycle and scooter manufacturer.

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