Chicago, Jan. 17 – Autostrade per l’Italia SpA priced €750 million of 4.75% senior bonds due 2031 (Baa3/BBB-/BBB) in an inaugural sustainable offering, according to a market source.
The bonds priced at 99.395 to yield 4.843%, or at mid-swaps plus 225 basis points. Initial price talk was between mid-swaps plus 275 bps to 280 bps. Guidance moved into the 240 bps area during pricing when the books were near €5 billion.
The coupon will be tied to emissions and electric vehicle charging points. There are three total targets to be met. Observation dates for scope 1 and 2 emissions and the electric vehicle target will be in 2025 and for scope 3 emissions will be in 2027.
A 10 bps step-up will occur for each target that is missed, with the step-up effective date in January 2028 for the two targets measured in 2025 and the January 2030 for the other target.
A make-whole call option at Bunds plus 45 bps is available as call protection. Then, there is a three-month call option near the maturity date.
Barclays, BNP Paribas, IMI – Intesa Sanpaolo, J.P. Morgan (billing and delivery), Mediobanca and Unicredit are active bookrunners.
Other bookrunners include Credit Agricole CIB, ING, Morgan Stanley, MUFG, Santander and Societe Generale.
Final book size was more than €5.2 billion.
Proceeds will be used for general corporate purposes.
The bonds will be listed on Euronext Dublin.
Rome-based Autostrade per l’Italia constructs and manages toll highways.
| Issuer: | Autostrade per l’Italia SpA
|
| Amount: | €750 million
|
| Issue: | Sustainability-linked senior bonds
|
| Maturity: | Jan. 24, 2031
|
| Bookrunners: | Barclays, BNP Paribas, IMI – Intesa Sanpaolo, J.P. Morgan (billing and delivery), Mediobanca, Unicredit, Credit Agricole CIB, ING, Morgan Stanley, MUFG, Santander and Societe Generale
|
| Second-party opinion: | Moody’s ESG Solutions
|
| Structuring agents: | J.P. Morgan, Mediobanca
|
| Coupon: | 4.75%
|
| Price: | 99.395
|
| Yield: | 4.843%
|
| Spread: | Mid-swaps plus 225 bps
|
| Call features: | Make-whole call at Bunds plus 45 bps until three months before maturity date; thereafter at par
|
| Trade date: | Jan. 17
|
| Settlement date: | Jan. 24
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 275 bps to 280 bps
|
| ISIN: | XS2579897633
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
