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Home›Transport lending›“It will only serve to restructure the debt” -Juvefc.com

“It will only serve to restructure the debt” -Juvefc.com

By Linda Glidden
May 7, 2021
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Juventus announced a €175m bond issue, a first step for the club on the international stock market.

This was announced by the Bianconeri via a statement on the club’s official websiteoutlining the details of the funds that can be used to pay off existing debts:

“Following the decision of the Board of Directors, Juventus Football Club SpA announces the placement of a €175 million non-convertible bond due February 19, 2024 reserved for qualified investors. The Notes will be issued at a price of 99.436% and will pay a fixed annual coupon of 3.375%. The Issuer will apply for the Notes to be listed on the Multilateral Trading Facility (ie MTF) Global Exchange Market of Euronext Dublin. Settlement of the Notes is expected on February 19, 2019. The successful transaction attracted orders in excess of EUR 250 million and received demand from Asia, Germany, France, the UK and Italy. The purpose of the offering is to provide the Company with financial resources for its general corporate purposes and to streamline the structure and maturity of the debt.

In connection with the placement of the Notes, Morgan Stanley acted as Lead Manager and UBI Banca SpA as Co-Lead Manager. The managers were advised by Allen & Overy – Studio Legale Associato and the company by Pedersoli Studio Legale. This press release does not constitute and does not constitute an offer to sell or a solicitation of an offer to purchase the Notes, nor will there be any sale of these securities in any country or jurisdiction where such offer, solicitation or such sale would be unlawful or restricted by law.

No action has been or will be taken to enable a public offering of the Notes in any jurisdiction. The Notes may be offered or sold in the United States or to or for the account or benefit of any US person (as that term is defined in Regulation S of the US Securities Act, as amended (the “Securities Act”)), it unless registered under the US Securities Act or an exemption from such registration. These Notes have not been and will not be registered under the US Securities Act or any other securities laws. No authorization has been requested from the Commissione Nazionale per le Società e la Borsa (CONSOB) in relation to the issuance of the Notes under the applicable law on the public offering of financial products. Consequently, the Notes have not been and will not be sold or placed in a public offering in Italy.”

In a conference call with the press following the announcement, Juventus President Andrea Agnelli spoke about his “great satisfaction“ with the risk:

“[I have] great satisfaction with the performed operation. It is a corporate loan, so it is issued directly by the company and not by a vehicle. It’s an operation that also confirms Juventus’ ability to plan. I am proud to say that we are the first football club to issue a bond with these characteristics as it is a senior unsecured loan that is groundbreaking and innovative in its approach to the market.

“An operation that also confirms Juventus’ ability to plan: in these months the CFO Marco Re has completed the loan transaction, the CRO Giorgio Ricci has completed the renewal deal with Adidas and other operations, while the Chief Football Officer, Fabio Paratici, has taken over Aaron Ramsey free transfer.

“Juventus’ growth continues, albeit knowing that the big European clubs are still a long way off. The task now is to continue this growth process that started in 2010.” – Calcio and Finance

Marco Re, Juventus Chief Financial Officer, held his own conference call explaining the bond issuance and stating that the bond is likely to be used for restructuring The clubs have a debt of 310 million euros (as of June 2018):

“This is the first unsecured senior bond issued by a football club…. This is a one-off operation, there are no guarantees and it is not envisaged that vehicles will be deployed to manage the operation as has been the case in similar cases.

“It is also an unrated bond, the first in Italy since January 2018 and the first in Europe in 2019. Cold investors? The transaction was well received and also signed without recourse to the rating. More than 190 investors watched the presentation, with the greatest feedback from Italy, UK, Germany, France, but also Hong Kong and Singapore. types of investors? Of course, we reserve a certain reserve, but we can say that it is the classic audience of qualified investors, with cuts from 5 to 30/35 million euros. Success is a mark of confidence from the market, which recognizes our solidity.

“The aim is to provide the company with new funds and to optimize the structure and term of the debt at reasonable market costs. This is a new approach for Juventus, in line with the main industrial sectors that do not only rely on bank loans. It will simply be a tool to replace or supplement what we already had in debt, such as B. Bank Credit Lines. It will be used entirely to restructure our debt, the dynamics of which are independent of the financing of the loan. It is an alternative form of financing.

“Debt dynamics were present regardless of the early 2019 issuance and are being carefully monitored, and as there are physiological limits, debt will eventually need to be repaid.

“New bond issues in the future? No follow-up issuance program at present: Bonds for retail customers? It is not on the agenda, we are looking to the future and have approached institutional investors for the time being. currencies? No, not at this moment “.

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