Pasubio moves to refinance debt
Italian leather manufacturer Pasubio has announced the launch of an offering of €400 million in senior secured notes due in 2032.
The company said the proceeds will be used to refinance existing debt, including the redemption of its outstanding senior secured notes due in 2028, repay borrowings under its revolving credit facility, cover transaction-related fees and expenses, and provide additional funds for general corporate purposes.
In connection with the transaction, Pasubio has also secured commitments for a new €72 million revolving credit facility. A further €18 million of commitments under its existing revolving credit facility will remain available.
The proposed financing would extend the maturity profile of Pasubio's debt from 2028 to 2032, subject to completion of the offering.
