Pinguin, which will change its name to Greenyard Foods as of September 2013, announced last Friday that they have issued with success its bonds with an annual gross coupon of 5.0% fixed interest and has collected the maximum nominal value of € 150m. The gross actuarial yield for the issue price (101.875%) amounts to 4.635% and the net actuarial yield (after withholding tax of 25%) amounts to 3.399%.
In total they had for more than half a billion requests.
We reiterate that through this operation, Pinguin envisages 1) to purchase the real estate companies of the Cecab group in France, Poland and Hungary (see our morning note of 18 March 2013) and 2) to purchase the production site at Boston from GW Padley Vegetables (see our morning note of 7 June 2013), currently leased, and 3) the purchase of additional real estate in the framework of the group’s strategy to gain control over its production facilities where possible. (45,93 GBP, 0,88%) to these purchases of real estate, the net proceeds will also be used for capital expenditure (among others optimisation investments), working capital financing and general corporate purposes, among which, further organic growth and growth through acquisitions.
(30,04 EUR, -0,51%) acted as Global Coordinator.