Bloomberg News

Premafin to Offer Banks Loan to Equity Swaps, Sole Says

February 26, 2012

Premafin Finanziaria SpA (PF) will propose to its bank lenders to convert part of their loans into equity in a meeting tomorrow, Il Sole 24 Ore reported, without saying where it obtained the information.

Premafin will ask banks to convert 150 million euros ($201.7 million) of debt into shares of the new entity that will result from the planned merger of Premafin with Unipol Gruppo Finanziario SpA (UNI), Fondiaria-Sai SpA (FSA) and Milano Assicurazioni SpA (MI), the newspaper reported. The company will ask banks to reschedule the remaining 170 million-euro debt, Il Sole said.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net

To contact the editor responsible for this story: James Ludden at jludden@bloomberg.net


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