The Pro-Gest Group issued two debenture loans in private placement totally worth 61 million Euros. The debentures have a seven-year-duration, are fixed-rate and without guarantees. The loan was issued and placed within a very short period of time with primary professional investors, both Italian and foreign ones. The issue of the debentures loans was finalized to the investment for the restructuring of the Mantua paper mill. This operation will guarantee the continuity of the financial commitment already started by Pro-Gest, with the aim to better and more safely face the phase of requalification of the production plant until it starts operation again. Last year bonds worth 30 million Euros were totally issued.
As the Managing Director of the Pro-Gest Group Bruno Zago puts it, «the interest shown by investors and the speed with which the loans were placed are for us evidence that confirms the value and solidity attributed to the group by the market. This type of financing is exclusively targeted to the productive investments related to our core business. In presenting its 2016-2017 business plan, Pro-Gest indicated growth as its main objective to become a real European player. The issuing of these debenture loans goes exactly in this direction to accelerate this process». Mr. Zago goes on saying that «the Mantua paper mill project is of strategic importance for us. Our aim is to equip it with the best available technology for the production of corrugated cardboard, whereby this is internationally the sector with the best growth performance. Our objective is to turn the Mantua paper mill into a highly competitive plant that can make us less reliant on imports and capable of competing with neighboring countries with qualitatively very good cards».
The Managing Director concludes by hoping that «the trust shown by investors in buying our debenture loans is additional guarantee that we are a serious partner also vis-à-vis our Mantua interlocutors, with whom we are currently working to start the plant again in the shortest time possible».