Ferretti S.p.A.: Debt Restructuring finalised and new Board of Directors appointed
Forlì, 22nd July 2009 - Ferretti S.p.A. announces the finalisation of its debt restructuring, according to an agreement which also envisages:
- reducing the long-term debt, from about €1.1 billion to around €550 million, against a conversion of credits into exit participation rights;
- the inflow of new funds through a capital increase of €85 million, of which €70 million underwritten by Chairman Norberto Ferretti and some of the Group management, the remaining € 15 million by Mediobanca - Banca di Credito Finanziario S.p.A.;
- further medium-term credit facilities to fund working capital requirements totalling €65 million;
- extension to medium-term of existing short-term facilities for a further € 24 million granted by three major financial institutions, already Ferretti group partners.
The Group's equity is now held by Norberto Ferretti and the Group's management (38.2%), Mediobanca (8.8%) and senior and mezzanine lenders (for a total of 53% in exit participation rights). In particular, as a result of the agreement, Norberto Ferretti, the Group's management and Mediobanca hold 100% of the Group's voting rights.
Norberto Ferretti, the Group's management and Mediobanca have finalized the acquisition of Ferretti S.p.A. and implemented the capital increase through newCo Ferretti Holding S.p.A., for which Mediobanca also acted as financial advisor.
Today, the Group's shareholders also appointed the new Board of Directors, which will remain in office for the 2009-2011 period, until the General Shareholders' Meeting convened to approve the financial statements for the year ending August 31, 2011. The new Board of Directors is composed of the following members:
- Norberto Ferretti - Chairman
- Salvatore Basile - Chief Executive Officer
- Alessandro Foti - Vice Chairman
- Giancarlo Galeone - Director
- Lamberto Tacoli - Director
- Augusto Fantozzi - Director
- Mario Giuseppe Rossetti - Director
Salvatore Basile is the new Chief Executive Officer of Ferretti S.p.A. Chairman and Founder, Norberto Ferretti, the management and Mediobanca express their full satisfaction concerning the arrival of a highly experienced businessman and manager of Salvatore Basile's stature.
The appointment of the new Board of Directors of Ferretti S.p.A. and Salvatore Basile as Chief Executive Officer represents a further step forward with the implementation of the Industrial Plan started in recent months, which will allow the Group to consolidate its leadership in the boating sector and to continue with the process of growth that has characterized its 41 years of history.
"I am very satisfied Salvatore Basile is joining our Group," commented Norberto Ferretti, Chairman and Founder of the Ferretti Group. "By drawing on the strong experience he has accumulated over the years, Salvatore Basile will make a decisive contribution to the development of our projects. I would also like to extend my gratitude to the new Board of Directors, as well as the management and Mediobanca, for their commitment over the past few months," concluded Norberto Ferretti, "and for the important role they have played in our efforts to continue to serve as a prestigious example of innovation and excellence."
"I thank the Chairman and the Board of Directors for the trust they have placed in me," declared Salvatore Basile, Chief Executive Officer of the Ferretti Group. "I am highly satisfied with my new position and proud to be able to take on this new challenge with a Group of Ferretti's prestige and worldwide renown".