18 March 2013 19:14
Price Sensitive extraordinary operations

Amendments of the terms and conditions of the convertible bond

IGD – Immobiliare Grande Distribuzione SIIQ S.p.A., leading owner and manager of retail shopping centers in Italy and listed on the STAR segment of the Italian Stock Exchange, advises that, the Board of Directors of the Company held today has resolved to propose to the Company’s bondholders’ meeting the following amendments to the terms and conditions of the “€230,000,000 3.50 per cent. Convertible Bonds due 2013”, having an aggregate nominal amount of Euro 230 million and convertible into ordinary shares of the Company, originally issued by means of a resolution dated as of 25 June 2007 and subsequently amended in 2010:

(a)           an amendment to the negative pledge clause aimed at allowing the Company to resolve upon future bond issuances to be secured by security over its assets or the assets of its subsidiaries;

(b)           the introduction of a put option in favour of the bondholders, to be exercised by the bondholders in the event that the Company resolves upon future bond issuances to be secured by security over its assets or the assets of its subsidiaries.

The Board of Directors has then vested the CEO with all the necessary powers to carry out any necessary actions and formalities in relation to the bondholders’ meeting and the execution of the aforementioned amendments.

The amendment to the terms and conditions of the convertible bonds is aimed at granting the Company a higher degree of flexibility in the evaluation of future repayment options of any outstanding indebtedness reaching maturity and the funding of new investments.