Campodarsego (Padova), 3 September 2020 – The Board of Directors of Carraro S.p.A. (“Carraro”), leader in transmission systems for off-highway vehicles and specialist tractors, and the Shareholders Meeting of Carraro International SE: (“International”) have approved, respectively, the issue of a bond to be issued by Carraro International SE and guaranteed by Carraro SpA (the "Bonds").
The bond, to be issued by International, will be senior and unsecured and will have a minimum size of Euro 50,000,000 and a maximum size of Euro 150,000,000, with a minimum denomination of Euro 1,000, and will mature in 2026. The interest rate will be fixed prior to the start of the offering and will not be less than 3.25% per annum; the terms conditions of the Bonds will allow International to repurchase the Bonds from 2023. The terms and conditions of the Bonds also provide for covenants relating to the level of indebtedness.
The Bonds are intended for the general public in Italy and Luxembourg and for placement with institutional investors in Italy and abroad.
Subject to the release of the requisite approvals, the Bonds will be listed on the regulated market of the Luxembourg Stock Exchange and on the Mercato Telematico delle Obbligazioni di Borsa Italiana (MOT); a prospectus will also be prepared in relation to the bond issue to be approved by the Luxembourg CSSF (Commission de Surveillance du Secteur Financier) which will be passported into Italy in accordance with applicable E.U. law.
Once approved, the prospectus will be available in the dedicated section of the Carraro website.
“We are experiencing a very important historical phase for our Group. Our target markets are evolving rapidly and we want to be the best interpreters of our customers' requests. Precisely for this reason we have implemented a growth program that provides for a significant acceleration in technological evolution and that will lead us to strengthen our skills in the electric and hybrid drive sector. – commented Enrico Carraro, Group Chairman – The issue of this new bond loan is specifically aimed at supporting this growth project thanks to some potential strategic acquisitions that we will identify and hopefully complete in the near future and which we expect will allow us to significantly enrich our technological skills".