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Deals & Products SACE - 27 March 2017

Granarolo: CDP Group underwrites a € 60 million bond issue

CDP Group has subscribed a € 60 million bond issued by Granarolo, Italian leader in the dairy product category.

It is subscribed in equal parts by Cassa depositi e prestiti and by Fondo Sviluppo Export formed by SACE (Group CDP) and managed by Amundi SGR. The bond issue has a duration of six years, calls for an annual coupon of 3.05% and a bullet redemption. 


The operation was structured and placed by BNP Paribas and Deutsche Bank as joint lead managers. 


The initiative will help finance Granarolo's new 2016-2019 business plan, a project that will launch the company’s foreign expansion strategy and achieve an increase from 20% to 40% in revenues from the new markets. With the liquidity provided by CDP Group, Granarolo will be able to conclude new acquisitions and expand its product range and geographical reach.


With this initiative, Granarolo is not only pursuing its experience in the capital markets, begun in 2013 with a first bond listed on the Luxembourg stock exchange, but is also expanding its development strategy in foreign markets started in 2011 with a series of acquisitions in France, Chile, Brazil and New Zealand, with the plan calling for new strategic moves outside Europe.  


“The bond will help finance our 2016-2019 development plan,” declared Gianpiero Calzolari, Chairman of the Granarolo group. "North America and Asia are the principal outlet markets, where we are planning the parallel launch of a vast basket of “Made in Italy” and innovative products to meet the specific requirement of those markets.”

“With this transaction, CDP Group is contributing to the foreign development of a leading Italian company in the agri-food industry," declared Antonella Baldino, Chief Business Officer of Cassa depositi e prestiti. “This initiative confirms the commitment of CDP Group in supporting  the internationalization process of Italian companies, a key factor for success and competitiveness, and gives boost to an industrial sector that has always stood out as a point of Italian excellence. Agri-foods has always been a strategic asset of the country. It contributes heavily to our economic growth and represents a significant share of our exports, placing Italy at the top of the exporting country rank, and also gives our country an image of quality projected internationally,” Antonella Baldino concluded.


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