Interpump, agreement with American Prudential for 300 million in financing

Agreement in the US for Italy's Interpump to finance group growth. The industrial pumps company finalised an agreement with Prudential Investment Management (PGIM) for a $300m Note Purchase and Private Shelf Agreement.

A framework agreement that has already undergone concrete development. At the same time as the agreement, explains a note, Interpump has launched an initial bond issue for EUR 100 million, privately placed in the form of an Us Private Placement. Specifically, the Shelf Facility agreement grants the Group the option - and not the obligation - to issue two bonds over the next three years up to a total maximum of EUR 300 million, on the same contractual terms negotiated initially, with pricing to be defined at the time of the individual draw and a maximum term of 20 years.

At the same time, senior unsecured bonds were issued in a single tranche in the amount of EUR 100 million with a maturity of 10 years (January 2034), an average term of 8 years, at a rate of 4.17%. "This transaction further strengthens Interpump's financial structure, diversifying the sources of financing, extending the average life of the debt and reducing the risk associated with interest rate fluctuations. This is perfectly consistent with and in support of the Group's growth strategy," says Fulvio Montipò, Executive Chairman of the Group.