Italian luxury goods company Prada SpA said Thursday that it is renegotiating the duration of its debt with Intesa Sanpaolo SpA (ISP.MI), UniCredit SpA (UCG.MI) and other banks in order to free up funds to invest in opening new stores worldwide.

A Prada spokesman said the negotiations involve the extension of Prada's net financial indebtedness, which amounted to EUR537.4 million in the fiscal year ended Jan. 31, 2009. Its total investments for the fiscal year totaled EUR158.7 million.

Earlier Thursday, a person familiar with the situation said Prada's holding company is also in talks to renegotiate the term of payment for around EUR600 million in debt.

Prada is 95% owned by designer Miuccia Prada and her husband and Prada's chief executive, Patrizio Bertelli. Prada opened its capital to outside investors in 2006, when it sold a 5% stake to Intesa Sanpaolo.

Company Web site: www.prada.com

-By Sofia Celeste, Dow Jones Newswires; +39 06 69766920; sofia.celeste@dowjones.com
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