(Alliance News) - Landi Renzo Spa announced on Wednesday that it has received support from the banking class to reshape its medium- and long-term financing agreements as part of a capital strengthening operation.

The operation involves the entry of the Fondo Salvaguardia Imprese, promoted by MIMIT and managed by Invitalia into Landi Renzo's shareholder base.

The new shareholder's entry will take place through a EUR20 million reserved capital increase, promoted together with a further capital increase under option for a total of EUR25 million, guaranteed up to EUR20 million by the majority shareholder Green by Definition.

The company has received endorsement from the banks contracting the pooled financing - Banco BPM Spa, Intesa Sanpaolo Spa and UniCredit Spa - to the proposed financial and capital optimization intervention.

In fact, all the lenders and underwriters of the loan agreements have resolved in favor of extending the maturities of the credit lines, confirmed the existing economic conditions as well as agreed to set new covenant levels.

"The agreement reached with the banking class and the capital increases allow Landi Renzo to stabilize the Company's financial structure and focus on the implementation of the new industrial plan," the company explained.

"Landi Renzo Group has long been committed to an ambitious development plan. With the appointment of Stupenengo as managing director, we have strengthened the managerial structure, creating the best conditions to give new impetus to the growth path, which today completes a fundamental turnaround. We are proud to welcome Invitalia as a development partner; its entry testifies to the solidity of the group's business model, which has enabled us to achieve a leading position in the market. Invitalia's support, combined with that shown by our key shareholders, will enable us to strengthen our capital profile and better target future growth opportunities, positioning the group on a solid long-term path," said Stefano Landi, chairman of Landi Renzo.

"The capital increase and the entry of Invitalia into the shareholding structure, together with financial optimization, represent the best prerequisites to enable Landi Renzo to look to the future with renewed confidence. The steps announced today ensure that the company has the necessary resources to implement the new five-year industrial plan, with which we have charted the course of growth for our future, which will be increasingly based on innovation and sustainability," added Annalisa Stupenengo, the company's CEO.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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