Honored Shipping it has concluded an operation of refinancing of 560 million euros



Honored Shipping, the Italian group that work services ferry through controlled the Moby and Tirrenia Italian Company of Navigation (CIN), has announced to have concluded an operation of total refinancing of 560 million euros. The operation - it has explained the group - has happened with the emission of a bond loan senior secured of 300 million euros turned, through a private placement, to international financial investor, with expiration 2023 and coupon to 7.75%, assigned rating Ba2 from Moody's and BB- from S&P (the titles will be quoted on the Luxembourg Stock Exchange) let alone through the distribution of a guaranteed financing of 200 million euros, with expiration 2021. Moreover a guaranteed credit line is obtained - it has specified Honored Shipping - revolving, for case elasticity, of 60 million euros, for a total amount of the financing in pool of 260 million euros. The bond loan and the financing contain both a clause of parity of the credits.

The group has specified that the proceeds of the entire operation are used in order to refinance debit of Honored the Shipping Spa, specifically of its controlled Moby Spa and Tirrenia Italian Company of Spa Navigation and, through a distribution of a reserve of capital by Honored Shipping Spa, the Shipping debit of the holding ones of Honored Spa.

Honored Shipping it has emphasized that "the total structure of the operation between most innovative is never realized by an Italian truth, to light of the contextual inaugural emission of a bond loan and distribution of a financing in bank pool", and that, "for how much it concerns the bond loan, draft of the first inaugural emission of 2016 in Europe and the first inaugural emission of an Italian society from 2014. In all Europe, in the history of the bond emissions "high yield" - it has evidenced Honored Shipping - only four societies have realized operations with analogous structure from 2013".

In the within of the entire operation, for the bond loan, Goldman Sachs International, J.P. Morgan Securities plc and UniCredit Bank AG have carried out the role of Global Coordinators and Joint Physical Bookrunners, with Bank IMI Spa, Bank Akros Spa and Jefferies International Limited as Joint Bookrunners, while for financing J.P. Morgan Limited, Goldman Sachs International and UniCredit Spa they have carried out the role of Mandated Lead Arrangers, Global Coordinators and Bookrunners, with Bank IMI Spa and Banca Popolare of Milan S.C.ar.l in the role of Mandated Lead Arrangers and Bookrunners and Banca Monte dei Paschi di Siena Spa as Lead Arranger.