MILAN — The board of Simint SpA has approved terms for a convertible bond issue to raise $28 million (46.7 billion lire), at current exchange, that will be used to lower the group’s debt burden, according to a statement issued by the Modena-based apparel manufacturer.

The operation calls for the issue of 46.8 million bonds with a nominal value of 1,000 lire (0.6 cents) each, which will be offered to shareholders at the rate of one bond for every two Simint ordinary or preferred shares. The bonds carry warrants for Simint ordinary shares, but final terms of the bond issue haven’t yet been set. The warrants can be exercised starting Nov. 1, 1995 through Nov. 30, 1998.

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