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M&G to repurchase undated bonds with skipped coupons

November 26/2010

(Bloomberg Business Week) -- Mossi & Ghisolfi International SA, an Italian chemicals company that skipped coupons on perpetual bonds issued before the credit crunch, now wants to repurchase the debt at a 55 percent discount.


M&G will pay 45 cents on the euro for its 200 million euros ($266 million) of subordinated 7.5 percent notes, which were quoted at about 12 cents before the Nov. 22 buyback started, according to the offer document. The company is still paying a significant premium to the market price, said Lorenzo Montagna, M&Gs director of corporate strategy in Milan.


M&G is the worlds largest producer of polyethylene terephthalate for packaging and employs more than 3,000 staff.


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