Bondoholders'Meeting
February 04 2016 - 10:10AM
Italian Regulatory (Text)
Press Release
February 4, 2016
Landi Renzo: call of the "LANDI RENZO 6.10% 2015-2020" ISIN code
IT0005107237 Bondholders' Meeting
Cavriago, February 4, 2016 Â The Board of Directors of Landi Renzo,
in a meeting today chaired by Stefano Landi, noted the preliminary
estimates of the key consolidated figures for 2015, not yet
certified by the audit firm, forecasting revenue of approx. Euro
205 million and a net debt of approx. Euro 60 million. In view of
these preliminary estimates, in addition to the forecast EBITDA
(amounting to Euro 1.9 million for the first nine months of 2015),
the Board of Directors called the "LANDI RENZO 6.10% 2015-2020"
ISIN code IT0005107237 Bondholders' Meeting, listed on the Extra
MOT PRO Segment of Borsa Italiana S.p.A., at the registered office
at Cavriago (Reggio Emilia), Corte Tegge Locality, Via Nobel 2/4,
for March 07, 2016 at the time of 10.00 am in first call and, where
required, on March 08, 2016 at the time of 10.00, at the same place
and time, in second call, in order to propose amendments to the
Loan Regulation in order to allow for the need, on the one hand, to
postpone the reference date for the first consideration of
compliance with the financial covenants from December 31, 2015 to
December 31, 2016, also in consideration of the preliminary
estimates for 2015 and, on the other, to introduce an "amortising"
repayment plan (from June 30, 2016 until maturity date of May 15,
2020), in line with the expected funding available and an increase
in the interest rate for 2016 alone (0.4% on an annual basis and
therefore 0.2% on a half-yearly basis) (the "Increase"); therefore
the coupon proposed for 2016 alone will be 6.50%, to be paid from
the payment date of June 30, 2016 and December 31, 2016 (as
established by the loan regulation), in the measure, respectively,
of 3.25% of the "outstanding" capital. The amendments proposed to
the loan regulation (including the increase in the interest rate
for 2016 alone) will enter into force only on approval by the
Bondholders' Meeting. The Call Notice extract of the above-stated
Bondholders' Meeting will be published on February 5, 2016 in the
daily newspaper "La Repubblica" and the Meeting documentation will
be made available, in accordance with the applicable regulation, on
February 5, 2016. The Executive Officer responsible for the
preparation of the financial statements Paolo Cilloni confirms that
the data above represents the best estimate to date of the Groups'
results and that therefore such should vary only to a slight degree
on approval of the financial statements. The data in the present
press release was not subject to audit.
This press release is a translation. The Italian version
prevails
Landi Renzo is the global leader in the LPG and Methane gas
components and systems for motor vehicles sector. The Company is
based in Cavriago (Reggio Emilia) and has over 60 years' experience
in the sector, is renowned for the extent of its international
activities in over 50 Countries, with export sales of over 80%.
Landi Renzo SpA has been listed on the STAR segment of the MTA
Market of Borsa Italiana since June 2007. For further information:
Landi Renzo Pierpaolo Marziali M&A and Investor Relations
Officer ir@landi.it Corrado Storchi Public Affairs Officer
cstorchi@landi.it Tel. +39 0522.94.33
IR TOP CONSULTING Maria Antonietta Pireddu, Domenico Gentile Tel.
+39 02 45473884/3 ir@irtop.com
www.landi.it
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