PRELIOS SUBSCRIBES 20 MILLION EURO OF PARTICIPATING FINANCIAL INSTRUMENTS
ISSUED BY FOCUS INVESTMENTS
PRELIOS IS RELEASED FROM A DEBT OF 176 MILLION EURO
Milan, 25 February 2016 - Further to its press release on 29 December 2015 announcing that the extraordinary spin off transaction (the "Transaction") involving the separation of its property investments and co-investments business from the services business (asset and fund management, integrated asset services, brokerage and assessment services, credit servicing) had been successfully completed, Prelios S.p.A. (“Prelios” or the “Company”) announced that - today and still within the scope of the Transaction - it has also subscribed the participating financial instruments ("PFIs") issued by Focus Investments S.p.A. (“Focus Investments”), a special purpose vehicle to which the property investments and co-investments business of Prelios has been transferred.
In particular - in accordance with the obligations set forth by the Framework Agreement with the Partners (Intesa Sanpaolo S.p.A., Pirelli & C. S.p.A. and UniCredit S.p.A.) and the New Debt Restructuring Agreement with the Lending Banks[1] as part of the Transaction as a whole - the issue of the PFIs in favour of the Company was made against a cash contribution of 19.95 million euro, taking into account that 50 thousand euro of the 20 million euro total cash contribution had already been paid by the company when Focus Investments was incorporated.
In meeting this obligation, which is one of the conditions for the successful completion of the Transaction as a whole, Prelios is released in full from its joint liability for the debt transferred to Focus Investments, equal to about 176 million euro as from the effective date of the contribution.
[1] Intesa Sanpaolo S.p.A., UniCredit S.p.A., Banca Monte dei Paschi di Siena S.p.A., Banca Popolare di Milano Soc.Coop.a r.l., Banca Popolare di Sondrio Soc.Coop.p.A., Banca Carige S.p.A. – Cassa di Risparmio di Genova e Imperia, Banca Popolare dell’Emilia Romagna Soc.Coop., with Banca IMI S.p.A. as Agent Bank.