Italy · Fashion business
How VSP’s Marcolin acquisition was linked to €350m of notes
VSP Vision announced that it completed its purchase of Marcolin on 23 December 2025. Marcolin had set the same date for a conditional redemption of €350 million of secured notes, subject to the equity purchase closing and sufficient funding reaching the paying agent.
Sources checked
- 1961Marcolin founded
The eyewear business begins in Veneto, Italy. Source 1
- 27 May 2021Note indenture dated
Marcolin’s later notice identifies the indenture covering its €350 million of 6.125% senior secured notes due in 2026. Source 3
- 5 September 2025VSP agreement announced
PAI Partners and other shareholders agree to sell the group, subject to customary approvals. Source 2
- 12 December 2025Conditional notice issued
The issuer gives noteholders a proposed redemption date of 23 December, subject to the equity closing and funding conditions. Source 3
- 22 December 2025Record date set in the notice
The conditional notice identifies the record date for the proposed redemption. Source 3
- 23 December 2025VSP announces the completed purchase
VSP says it completed the acquisition from PAI Partners and other shareholders. The note notice separately names this as the conditional redemption date. Source 4
Choose a date to see which record established the milestone.
The September announcement recorded an agreement
The selling shareholders agreed to transfer Marcolin to VSP Vision on 5 September. The issuer expected a fourth-quarter close subject to customary regulatory approvals. The same announcement flagged that it expected to redeem its 2026 notes on or around closing. Source 2
The issuer gave holders a separate price calculation
The December notice gave a redemption price of 100% of principal, or €350 million, and €2,231,849.32 in accrued interest to the stated date. The resulting amount is about €352.23 million on those terms. It is a calculation for the debt instrument. Source 3
Closing was one of two conditions for redemption
The notice tied repayment to completion of the acquisition of the entire issued share capital and receipt of sufficient euro cash by the paying agent. The note notice describes the conditions and timing. The VSP statement confirms the acquisition closed. Source 3 Source 4
The group purchase covered an eyewear operator
VSP described Marcolin as distributing eyewear in more than 125 countries, with both house brands and licensed collections. It said Marcolin and Marchon would continue operating as they had. The purchase announcement did not provide the price paid to selling shareholders. Source 1 Source 4