Safilo : Bail-out by HAL
Safilo announced last Wednesday a comprehensive refinancing plan, including a EUR 150m capital increase, with a potential full underwriting by HAL (Safilo’s reference shareholder with a 41.61% stake), and a new RCF (to replace this existing, on which there has been a breach of covenant at the end of H1). After the refinancing, the pro forma cash position will be EUR 263m (vs EUR 113m reported at the end of June 2018). - In our Credit flash published on 20 April 2018 (initiation of ...Safilo engages in the design, production, wholesale, and retail distribution of prescription eyewear, sunglasses, sports eyewear, and accessories. Co. also provides optical frames, technical sports goggles, ski goggles, and helmets. Co. provides its products under various brands such as Safilo and Smith, as well as under the licensed brands, such as Alexander McQueen and Banana Republic. Co. serves opticians, optometrists, ophthalmologists, distribution chains, department stores, specialized retailers, licensors' own stores, duty free shops, and sports shops through independent distributors and agents, as well as through its own branches in Europe, the Americas, Asia, and internationally.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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