Sipcam to raise €15 million through bond issue
Italian agrochemical company Sipcam (Milan) is seeking to raise €15 million ($19 million) through the issue of five-year bonds. The bonds pay a fixed rate of 6.5% and are to be made available to “professional” investors. The principal sum will be reimbursed on maturity with interest paid quarterly. The company says that the funds will aid its growth at a time of increasing demand in crop protection. Sipcam has re-entered Agrow’s top 20 ranking of major pesticide companies (Agrow No 694, pp 2-3), following a 12% increase in agrochemical sales at €377 million ($488 million at the current rate) in 2013 (Agrow No 692, p 4).