Piaggio satisfies financing, to redeem all €250 million 3 5/8% notes

By William Gullotti

Buffalo, N.Y., Oct. 5 – Piaggio & C. SpA satisfied the financing condition to redeem all of its outstanding €250 million 3 5/8% senior notes due 2025 (ISIN: XS1808984923, XS1808984501), according to a notice on Thursday.

As previously reported Sept. 25, the redemption was conditioned upon the issuer receiving enough funds from a refinancing transaction to fund the redemption. The condition was satisfied by the Sept. 27 pricing of €250 million 6½% senior notes due 2028 (Ba3/BB-), which also settled Thursday.

According to the notice, the redemption will occur under the same terms defined under the initial conditional notice.

As previously reported, the notes will be redeemed at par on Oct. 5. Accrued interest and additional amounts, if any, will also be paid.

Deutsche Trustee Co. Ltd. is the trustee, and Deutsche Bank AG, London Branch is the principal paying agent.

Piaggio is a Pontedera, Italy, maker of motorcycles and scooters.

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