USA: Spigadoro Signs $30 Million Syndicated Credit Facility
Spigadoro, Inc. (AMEX: SRO), a leading manufacturer of branded products in the Mediterranean food sector, today announced that it had executed a standby credit facility of 60 billion Italian Lire (approximately $30 million). The proceeds of the facility are to be used by the Spigadoro group for working capital purposes, including acquisitions. The term of the facility is 18 months and outstanding balances will bear interest at 0.75% above EURIBOR (currently 3.918%). The banking syndicate, which consists of 10 Italian banks, was arranged by Monte dei Paschi and co-arranged by Banca Nazionale del Lavoro, two large Italian banks. Carlo Petrini, Co-Chairman of Spigadoro, noted: "The extension of this facility will significantly enhance our flexibility to consummate acquisitions. Together with approximately $20 million in cash, we are well-positioned to build upon the Gazzola acquisition and aggressively pursue our consolidation strategy, while at the same time minimizing shareholder dilution. We are also very pleased with the attractive terms extended by our lead banks." Earlier this week, Spigadoro announced the acquisition of Pastificio Gazzola, the European market leader in private label pasta production. The Company noted that Gazzola was the first of several acquisitions that it intended to consummate this year in accordance with its strategic goal to consolidate small and mid-cap companies within the food and animal feed industries in Europe.
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