Piaggio repurchases further €3.65 million of senior notes

By Jennifer Chiou

New York, Dec. 24 - Piaggio Finance SA said it bought back €3.65 million more of its original €150 million of senior notes due 2012 on Tuesday.

In addition to repurchases on Dec. 17 and Dec. 22, the company said it has now bought back a total of €26.04 million of the notes, or 17.4% of the initial amount.

The company added that it does not intend to cancel any of the repurchased notes.

Piaggio did add that it may continue making additional repurchases on the open market, possibly up to about 25% of the initial amount of notes.

The company is a subsidiary of Piaggio & C. SpA, a Pisa, Italy-based motorcycle and scooter manufacturer.

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