Esselunga Plans Up To €1 Billion Bond Issue
Italian supermarket chain Esselunga will issue a bond of between €900 million and €1 billion to refinance part of a €1.5 billion contracted loan, according to Corriere della Sera.
It is reported that the vice president of the company, Marina Caprotti, will present the project to investors in Milan, Paris, London and New York.
The value of the bond will depend on the interest of institutional investors. The coordinating banks of the offer are Citi, Mediobanca, Intesa Sanpaolo and Unicredit.
It is the first bond of this size for an Italian supermarket group and one of the largest ever placed by a European company.
Rome-based newspaper La Repubblica reports that the bond should have a maturity of 7-10 years and a yield of around 2%.
In July, Esselunga obtained the €1.5 billion loan from Citi for the reorganisation of company following the death of founder Bernardo Caprotti.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.