Italy's Safilo Secures Two Financing Deals for EUR100 Million

Italian eyewear maker Safilo SpA (SLF.MI) said Monday it has signed two financing deals for a total of 100 million euros ($130.8 million).

The company, whose brands include Gucci and Hugo Boss, said it has secured a new revolving credit facility for a total amount of EUR60 million, maturing June 30, 2015, underwritten by Intesa Sanpaolo, Unicredit and BNP Paribas and another revolving financing for EUR40 million maturing June 30, 2015, underwritten by its main shareholder Multibrands Italy B.V., a company controlled by HAL Holding N.V.

These deals help support the group's ongoing business-development needs and translate into a substantial reduction of its average cost of debt.

Safilo, Italy's second-largest eyewear-products maker after Luxottica SpA (LUX), reported a 12% increase in its first-quarter net profit to EUR13.4 million, and a close to 3% rise in sales reaching EUR297 million.

Its net debt dropped to EUR220 million at the end of March from EUR243 million in the same period of last year.

Exchange website: www.borsaitaliana.it

Write to Enza Tedesco at [e-mail]

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