Today the Board of Directors of Piaggio & C. S.p.A., at a meeting chaired by Roberto Colaninno, approved the issuance of a high-yield 7-year bond.
These materials are not an offer for sale of the securities in the United States. The securities will not be and have not been registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the Securities Act. These materials are not for distribution in the United States, Canada, Australia or Japan.
Milan, 1 December 2009 –Today the Board of Directors of Piaggio & C. S.p.A., at a meeting chaired by Roberto Colaninno, approved the issuance of a high-yield 7-year bond. The bond has been issued to improve the debt structure of the company by lengthening its average maturity. The order book was closed after institutional investors placed orders for over Euro 700 million, or approximately equal to 5 times the offer. The bond (senior notes), in a principal amount of Euro 150 million, is being offered exclusively to institutional investors outside the United States and pays a fixed annual coupon of 7%, and the issue price is 100%. The bond will mature in December. Piaggio has applied for the bond to be listed on the Official List of the Luxembourg Stock Exchange and to trade on the Euro MTF market. The securities will be assigned a rating by Moody’s and by Standard & Poor’s. The terms and conditions of the bond are customary for high yield bonds of a company with a similar credit rating. Piaggio will use the net proceeds of the offering to re-finance the remaining portion of the 10% Senior Notes due 2012, with the balance to repay short term indebtedness. Banca IMI and J.P. Morgan acted as joint lead managers and bookrunners on the transaction.
Not for distribution in the United States, Canada, Australia or Japan. This communication is only being distributed to and is only directed at (i) persons who are outside of the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.