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Societa Metropolitana Acque Torino calls 2024 noteholder meeting
By Marisa Wong
Los Angeles, March 11 – Societa Metropolitana Acque Torino SpA issued a notice to holders of its €135 million 1.95% notes due April 13, 2024 (ISIN: XS1596790631) that a meeting of the noteholders is expected to take place at 10:30 a.m. ET on March 14.
All noteholders are expected to attend the meeting. The purpose is for the holders to consider and approve a resolution to amend the terms and conditions of the notes.
Specifically, the issuer is asking holders to agree to amendments that would ensure that the notes remain outstanding for a further five years, until April 13, 2029, as well as a number of other changes and minor updates.
The issuer is proposing to make the interest rate five-year mid-swaps plus 170 basis points with effect from the existing maturity date.
The issuer said that extending the maturity of the notes would help it in financing its high level of investments over the period up to 2033.
If the resolution is approved, the issuer and the fiscal agent, BNP Paribas, Luxembourg Branch, will execute a supplemental fiscal agency agreement effecting the proposed amendments. This is expected to take place no later than five business days after the date of the meeting, namely March 21.
The issuer is also proposing to grant a put option to holders who do not wish to extend their notes beyond the current maturity date. The put option would be exercisable over a period of 10 days, beginning after the resolution is registered.
The start and end dates of the put option exercise period would be no later than March 22 and April 5, respectively. Payment for the put notes would be made on April 15.
The issuer is a water services company based in Turin, Italy.
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