Italy’s facility management company Manutencoop to refinance debt. Talks with Elliotthedge fund

Italy’s facility management company Manutencoop to refinance debt. Talks with Elliotthedge fund
Manutencoop Società Cooperativa, the major shareholder of Italian facility management company Manutencoop Facility Management (MFM), is looking for a new way to refinance its debt and liquidate MFM minority shareholders owning 33.2% stake in the company's capital. In order to reach this target, US hedge fund Elliott is said to be on talks with Manutencoop Società Cooperativa in order to issue a 180 million euros financing, Il Sole 24 Ore wrote. Actually last June Manutencoop Società Cooperativa announced that it had decided to buyback that 33.2% stake from the minority shareholders funding the deal by issuing a new 420 million euros bond (through its subsidiary CFM spa) which, together with 167 million euros of company's cash, would have also helped to refinance company's debt (see here a press release by Moody's). However the bond didn't win strong investors' demand so the issue size was shrinked to 360 million euros and the yield was raised to 9% from 8.5% (see here a previous post by BeBeez). MFM indirectly confirmed that such talks are on their way saying in a press release that it continues to evaluate several alternative solutions with the objective of facilitating the exit of the current minority shareholders in its subsidiary, Manutencoop Facility Management and to acquire 100% of MFM. No final agreement has been entered into in respect such alternatives. The reduction of the bond size was then enough any more in order to pay 205 million euros[...]

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