By Marisa Wong
Morgantown, W.Va., Jan. 31 – Carraro International SE said it priced €180 million of fixed-rate senior notes due Jan. 31, 2025 guaranteed by Carraro SpA.
The notes were sold at par with a coupon of 3½%. The company previously announced that the minimum interest rate would be 3%.
Equita SIM SpA acted as placement agent.
The offering closed ahead of schedule due to strong market demand, according to a Wednesday press release. The company had planned to offer between €50 million and €180 million of the seven-year notes, with settlement slated for Feb. 16.
The notes are now expected to be issued on Feb. 7.
Proceeds from the Regulation S offering will be used to refinance outstanding debt.
Carraro makes eco-compatible power transmission systems primarily for agricultural machinery. The Campodarsego, Padua, Italy-based company has production plants in India, Argentina, China, South Africa and Brazil.
| Issuer: | Carraro International SE
|
| Guarantor: | Carraro SpA
|
| Issue: | Fixed-rate senior notes
|
| Amount: | €180 million
|
| Maturity: | Jan. 31, 2025
|
| Agent: | Equita SIM SpA
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Call option: | In whole or in part on or after Jan. 31, 2021
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 7
|
| Distribution: | Regulation S
|
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