Premafin to Offer Banks Loan to Equity Swaps, Sole Says
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.
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