Aryzta issues debt instrument
IRISH-led baker Aryzta has issued some 300m Swiss francs of a new debt instrument. The proceeds from the perpetual callable subordinated instrument will be used to refinance existing debt and for "general corporate purposes".
The hybrid instrument offers investors a coupon of 4pc and is undated with an initial call date by Aryzta after five years.
The capital raising was taken up by a broad Swiss retail investor base. UBS, Credit Suisse and Zürcher Kantonalbank acted as joint bookrunners, Aryzta said.
Radisson Blu firm has €4.3m losses
THE company that operates the 4-star Radisson Blu hotel in Limerick entering receivership had accumulated losses of €4.3m at the end of 2011.
Earlier this month, it was confirmed that the 154 bedroom hotel on the northern outskirts of Limerick city was entering receivership and that the hotel continues to trade as normal. The hotel employs 60 people.
THE business innovation programme NDRC Inventorium and the Irish Internet Association are offering free assistance to 20 small businesses to "transform" them into online retailers with new export and jobs potential over five weeks.
Applications for the new "Clicktailing" programme are now being invited through www.clicktailing.com. The course is described as "an intensive retail accelerator scheme which will run in five week bursts".
BMW says income
BMW expects earnings to stagnate this year as costs for 11 model launches, the development of fuel-efficient technology and expanding production eat up higher profits from rising car sales.
German luxury brands like BMW, Volkswagen's Audi and Mercedes have fared better in the economic downturn than their European mass-market peers, but BMW is ramping up its spending on research and development of fuel-efficient technologies to stay ahead of the game.
UBS bank quits Euribor rating
UBS became the latest big name European bank to stop contributing to money market benchmark Euribor yesterday, dealing the credibility of the scandal-tainted lending rate a fresh blow. UBS, fined $1.5bn (€1.1m) in December for manipulating lending rates, said it was pulling out of Euribor as of March 28.