(Finance) – The Board of Directors of Prysmiana company listed on Euronext Milan and active in the sector of cable systems for energy and telecommunications, has resolved to exercise theearly repayment option (Soft Call) of the entire outstanding amount of bond loan convertible called “€750,000,000 Equity Linked Bonds due 2026” issued in February 2021.
Furthermore, the Board of Directors resolved thestart of a share buyback programmein implementation of the authorization resolution of the Assembly of 18 April 2024. The Programme, which will be implemented starting from 10 June 2024 and will last until 10 March 2025, concerns a total maximum of 8 million shares (equal to approximately 3% of the share capital), for a maximum value of 375 million euros.
“Thanks to this decision we significantly strengthen our capital structure, as we expect the conversion of the entire 750 million bond loan – commented the CFO Pier Francesco Facchini – The launch of the share buyback program for a maximum amount of €375 million underlines our confidence in the value of the stock, in our prospects and in Prysmian’s performance, ensuring greater financial flexibility for the future”.