STOCKS NEWS EUROPE-Snai up on bond issue report
Italian bookmaker Snai SpA (SNAI.MI: Quote, Profile, Research) rises 2.8 percent after a report in Il Mondo weekly saying its board meeting next week will clear the way to issuing an unrated 350 million euro bond to replace existing credit lines.
The bond and the possibility of lower finance costs via the bond is a more positive factor than Thursday's sports betting figures for the first 10 months which fell even if Snai remained leader, an analyst with a Milan broker says.
"The operation seems to us realistic and would eliminate the uncertainty on the way to finance videolotteries," Milan broker Equita says in a note. The broker says before the bond report it thought that Snai could issue shares to finance videolotteries.
Snai could not be reached for comment.
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