Pare sia andato male... è stata cancellata una trance a tasso variabile e sono stati raccolti 550 mln euro contro i 650 mln euro originariamente stimati, a seguito del ritiro negli ultimi due giorni di alcuni investitori intimoriti dal cambiamento di sentiment sul mercato
Seat Deal With RBS Proceeds as Bond Closes - Source
By REUTERS
Published: January 22, 2010
Filed at 6:31 p.m. ET
MILAN (Reuters) - Italian yellow pages group Seat Pagine Gialle's <PGIT.MI> deal with top creditor
Royal Bank of Scotland Plc <RBS.L> will go through, a financial source said on Friday, as Seat raised 550 million euros in a bond issue to pay back debt.
The bond was originally planned at 650 million euros (570 million pounds), but Seat had to cancel a floating rate tranche of it due to "weak market conditions," the company said, making the bond an exception in a recent series of oversubscribed bond issues.
"The deal with RBS goes through," the source said, asking not to be named. He said Seat scaled down the bond because "in the last two days some investors pulled out" as U.S. plans to limit financial risk-taking sent markets lower.
Earlier in January, RBS gave its approval to Seat issuing the bond to pay back senior debt in a deal that cuts the British bank's exposure to the heavily indebted company and gives Seat financial breathing room to restructure.
Like other print directories groups, Seat entered the downturn with high debt, which has limited its ability to restructure its business and compete with giant Internet companies like
Google Inc <GOOG.O>.
Seat said on Friday the 550 million euro bond, which expires in 2017, will yield 11 percent.
Seat PG shares were lower for the third straight session on Friday and closed down 5.7 percent at 0.1810.
(Editing by Gerald E. McCormick)
, che fai vendi.... Ah Ah Ah
