Chicago, Feb. 11 – Italy’s Fabbrica Italiana Sintetici (F.I.S.) sold €350 million of 5 5/8% sustainability-linked senior notes due in August 2027 (B3/B/B) at par, according to a notice.
Price talk was for a yield in the 5¾% area.
The Regulation S for life and Rule 144A deal was sold by BNP Paribas (billing and delivery) and Credit Suisse (roadshow coordinator).
Also listed as managers for the deal are Banca IMI, Union de Creditos Inmobiliarios and Banca Akros.
Credit Suisse and BNP Paribas are also the sustainability-linked bond structuring coordinators.
The notes become callable after two years at par plus 50% of the coupon.
The deal also features a sustainability-linked step-up premium, which will adjust the redemption price by 20 basis points per key performance indicator.
The Milan-based producer of chemicals for the pharmaceutical industry plans to use the proceeds to refinance debt and fund a distribution to its parent.
| Issuer: | Fabbrica Italiana Sintetici
|
| Amount: | €350 million
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| Issue: | Sustainability-linked senior notes
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| Maturity: | August 2027
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| Bookrunners: | BNP Paribas (billing and delivery), Credit Suisse (roadshow coordinator), Banca IMI, Union de Creditos Inmobiliarios and Banca Akros
|
| Coupon: | 5 5/8%
|
| Price: | Par
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| Yield: | 5 5/8%
|
| Call features: | Par plus half the coupon after two years
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| Announcement date: | Feb. 11
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| Ratings: | Moody’s: B3
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| S&P: B
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| Fitch: B
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| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
| Price talk: | Yield in 5¾% area
|
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