Italian listed property services firm Prelios is to carry out a 鈧�115 mln capital increase as part of plans to recapitalise the business and strengthen its equity base.
Italian listed property services firm Prelios is to carry out a 鈧�115 mln capital increase as part of plans to recapitalise the business and strengthen its equity base.
In a statement on Thursday, Milan-based Prelios said that it will issue 193 million ordinary shares at a price of 鈧�0.59 per share, with the offer period running from July 22 to August 8.
In addition, the company will offer Class B shares partly reserved to businessman Massimo Caputi鈥檚 Feidos and its investment partners, with the aim to raise a further 鈧�70 mln which will bring the total amount of the operation to 鈧�185 mln.
As part of the operation, Prelios will receive at least 鈧�100 mln in cash, with the rest coming from the conversion into equity of debt granted by a club of banks including Unicredit and Intesa Sanpaolo.
The company's lenders Pirelli & C., Intesa Sanpaolo and UniCredit will guarantee the subscription for a total amount up to about 鈧�90 mln, of which 鈧�5 mln in cash and up to 鈧�85 mln through the conversion of debt into shares.
Shareholders Camfin, Assicurazioni Generali, Mediobanca-Banca di Credito Finanziario and Intesa Sanpaolo have agreed to subscribe to the offering for a total of 鈧�25 mln.
The operation is part of a larger plan which also envisages the restructuring of 鈧�561 mln of debt partly provided by Pirelli and partly by a consortium of banks including UniCredit and Intesa Sanpaolo. The loans, which were initially due to mature in 2014 and in 2016, will be restructured into 鈧�250 mln of corporate loans and up to 鈧�269 mln of convertible debentures.
