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Salini Impregilo offers to exchange 3¾% notes due 2021 for new notes
By Marisa Wong
Los Angeles, Jan. 10 – Salini Impregilo SpA is offering to exchange any and all of its outstanding €600 million 3¾% notes due June 24, 2021 (ISIN: XS1435297202) for new euro-denominated senior fixed-rate notes, according to a notice.
The exchange ratio is 104.75%.
The company plans to issue at least €250 million of new notes at par with an expected maturity of seven years. The minimum coupon and exact maturity for the new notes will be announced no later than Jan. 14, the company said.
The minimum new issue size may include both the amount of notes issued under the exchange offer and the amount of additional new notes issued. The company said it plans to issue additional new notes on the settlement date of the exchange offer.
The exchange offer expires at 11 a.m. ET on Jan. 16.
Tenders may be withdrawn at or before 10 a.m. ET on Jan. 16.
The company expects to announce the amount of existing notes accepted for exchange on Jan. 17, the day it plans to price the new notes.
Settlement is slated for Jan. 28.
Banca Akros SpA – Gruppo Banco BPM (dcm@bancaakros.it,+39 02 4344 5203), Banca IMI SpA (liability.management@bancaimi.com, +39 02 72 61 4704/4782), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Goldman Sachs International (liabilitymanagement.eu@gs.com, +44 20 7774 9862), Merrill Lynch International (DG.LM-EMEA@bofa.com, +44 20 7996 5420), Natixis (liability.management-corporate@natixis.com, +33 158550814, +33 158550556, +39 2 00 66 71 54) and UniCredit Bank AG (dcmitaly@unicredit.eu; corporate.lm@unicredit.de, +39 02 8862 0581, +49 89 378 13722) are the joint dealer managers for the Regulation S exchange offer.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Thomas Choquet, salini@lucid-is.com) is the exchange agent.
Salini Impregilo is a construction and civil engineering company based in Milan.
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