Prada Says It's Renegotiating Duration Of Its Debts With Banks
11 Juin 2009 - 7:51PM
Dow Jones News
Italian luxury goods company Prada SpA said Thursday that it is
renegotiating the duration of its debt with Intesa Sanpaolo SpA
(ISP.MI), UniCredit SpA (UCG.MI) and other banks in order to free
up funds to invest in opening new stores worldwide.
A Prada spokesman said the negotiations involve the extension of
Prada's net financial indebtedness, which amounted to EUR537.4
million in the fiscal year ended Jan. 31, 2009. Its total
investments for the fiscal year totaled EUR158.7 million.
Earlier Thursday, a person familiar with the situation said
Prada's holding company is also in talks to renegotiate the term of
payment for around EUR600 million in debt.
Prada is 95% owned by designer Miuccia Prada and her husband and
Prada's chief executive, Patrizio Bertelli. Prada opened its
capital to outside investors in 2006, when it sold a 5% stake to
Intesa Sanpaolo.
Company Web site: www.prada.com
-By Sofia Celeste, Dow Jones Newswires; +39 06 69766920;
sofia.celeste@dowjones.com
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