(Alliance News) - Grifal Spa announced Tuesday that it has successfully completed the issuance of a nonconvertible bond for a total amount of EUR6.0 million.

The minibond consolidates the growth plan, in both domestic and foreign perspective, which Grifal is implementing. The new investments, in fact, are intended to support in Italy further R&D activities, the completion of the expansion of the Cologno al Serio site and the purchase of functional machinery for the production of eco-sustainable packaging. In Europe, the minibond will also help support expenses related to the joint venture already launched by Grifal in Portugal.

Subscribed on a 50-50 basis for EUR3.0 million by UniCredit Spa and Cassa Depositi e Prestiti Spa, the minibond consists of 60 bonds, with a par value of EUR100,000 each, with a duration of 72 months, including 12 months of pre-amortization. The bonds will bear interest at the 3-month Euribor rate plus a spread of 340 basis points, to be settled in arrears on a quarterly basis.

Fabio Gritti, president and CEO of Grifal, said, "Innovation and sustainability are the two pillars on which we are building our growth and are two among the fundamental directions that are driving both the financial and industrial evolution of the business. With this bond issue, Grifal accesses the first ESG-targeted basket bond launched in Italy. Grifal's expansion goals in Italy and Europe, in terms of production sites, industrial partnerships and business opportunities, will also be supported by this significant financial instrument."

The loan is also guaranteed by the European Guarantee Fund, managed by the European Investment Bank. Cerved Rating Agency will monitor, starting in the third year, the sustainability scoring.

Grifal's stock is trading at EUR2.10 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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