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Financial News

Sep 2012 Financial News

Campari of Italy Hires 3 Banks for Lascelles Acquisition Loans

Sep 03, 2012

Sept. 3 (Bloomberg) -- Davide Campari-Milano SpA said Bank of America Corp., Banca Intesa SpA, and Deutsche Bank AG underwrote new credit facilities backing its acquisition of Lascelles deMercado & Co., the Jamaican maker of Appleton rum.

Campari plans to draw $415 million of the loans, Chief Executive Officer Bob Kunze-Concewitz said today during a conference call. It will seek to refinance part of the debt this year or next, the Milan-based company said on its website.

Campari agreed to pay interest at an average of 265 basis points more than the euro interbank offered rate for the loans, it said. A basis point is 0.01 percentage point.

The maker of Wild Turkey bourbon said it agreed to buy a controlling 81.4 percent stake in Lascelles and will tender for the remainder later this year, valuing the rum maker at $414.8 million.


Source:
By Patricia Kuo
Bloomberg
Monday September 3, 2012
2012-09-03 14:55:23.77 GMT

To contact the reporter on this story:
Patricia Kuo in London at +44-20-3216-4103 or pkuo2@bloomberg.net