London, 09 October, 2003 - Morrison & Foerster has successfully advised client Davide Campari-Milano S.p.A. in a private offering of two tranches of notes of $100 and $200 million with 12 and 15 year maturities respectively.
The offer was over-subscribed by four times which led to an increase of the offering from an initial size of $150 million to $300 million. The senior notes, which were placed with institutional investors based in the United States, were extraordinarily well received by the U.S. market. The transaction was priced at among the lowest interest rates ever achieved by an Italian company.
Morrison & Foerster also advised Campari on their debut issue in the U.S. private placement market, completed one year ago ($170 million in three tranches, 7 years amortising, 10 years amortising and 10 years bullet).
A team of attorneys from Morrison & Foerster's London, Los Angeles and San Francisco offices assisted Campari on the transaction. "Campari's success shows the increasing attraction of cross-border private placements as a source of finance for European issuers, especially strong performers like Campari," said London partner Kristian Wiggert who led the transaction.