Milan, 25 September 2023 – Piaggio & C S.p.A. (the “Issuer”) hereby announces that it launched an offering (the “Offering”) of €250.0 million in aggregate principal amount of senior notes due 2030 (the “Notes”). The proceeds of the Offering, together with cash on balance sheet, will be used to refinance in full the Issuer’s existing €250.0 million in aggregate principal amount of 3.625% senior notes due 2025 (the “Existing Notes”) and pay fees and expenses incurred in connection the Offering.
BNP Paribas, BofA Securities Europe SA and Intesa Sanpaolo (Divisione IMI CIB) acted as joint global coordinators and joint physical bookrunners in the transaction, while Banca Akros S.p.A. – Gruppo Banco BPM, HSBC Continental Europe, ING Bank N.V. and UniCredit Bank AG acted as joint bookrunners.
The Issuer has also published today a conditional notice of redemption in respect of all Existing Notes.
In connection with the Offering, the below recent trading information is being disclosed to potential investors in the Notes.
PRELIMINARY RESULTS FOR THE EIGHT MONTHS ENDED AUGUST 31, 2023
In order to ensure equality of information to all stakeholders, the Piaggio Group hereby announces that, based on unaudited preliminary management accounts for the first eight months of 2023, the estimated EBITDA margin (EBITDA/Revenues) in the first eight months of 2023 continued the positive trend reported for the first 6 months of 2023 (approximately 16%, or approximately 2 percentage points above the prior year) due to a strict premium price policy enabled by the Group’s strong brands, continuous improvements in production efficiency and a favorable product mix. Accordingly, compared to the same period in 2022, the Piaggio Group estimates that in the first 8 months of 2023 its EBITDA grew by approximately 17%.
Despite the current macroeconomic headwinds and the weakness of the Asian market, the Piaggio Group estimates that its revenues have increased by approximately 3% in the first eight months of 2023, compared to the same period in 2022. On a constant currency basis, estimated revenues would have increased by approximately 5%. There can be no assurance that these preliminary estimates will be realized or that actual results will not be higher or lower than estimated.
IMPORTANT
Before accessing the information and documents contained in this area of the website, please read and accept terms and conditions reported here below.
The information and documents contained in this area of the website are accessible only to persons who are not currently domiciled or located in the United States of America, Canada, Japan, Australia, or in any other jurisdiction in which accessing the information and documents contained in this area of the website would require the authorization of the relevant regulatory authorities (the “Other Countries”).
This portion of the website and the information contained herein are not intended for, and must not be accessed by, or distributed or disseminated to, persons resident or physically present in the United States of America, Canada, Australia, Japan or any Other Countries, and do not constitute an offer to sell or the solicitation of an offer to buy or acquire, any bonds, rights or other securities of Piaggio & C. S.p.A. in the United States of America, Canada, Australia, Japan or any Other Countries.
The securities of Piaggio & C. S.p.A. referred to in this portion of the website have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States of America absent registration or an applicable exemption from registration thereunder.
In order to access the information and documents contained in this area of the website I declare under my personal liability that I am not currently resident, domiciled or located in the United States of America, Canada, Japan or Australia, or situated in any Other Country.