By William Gullotti
Buffalo, N.Y., Sept. 8 – Intesa Sanpaolo SpA issued €1.25 billion of 9 1/8% fixed-rate reset perpetual additional tier 1 notes (Ba3/BB-/BB-/DBRS: BBL) at par, according to a press release on Friday.
The initial interest rate will reset on March 7, 2030 and at five-year intervals thereafter, to 626.2 basis points over mid-swaps.
The perpetuals will be listed on the Luxembourg Stock Exchange.
The offering was made simultaneously with the company’s any-and-all tender offer for its €750 million additional tier 1 perpetual notes with a first call date on May 16, 2024 (ISIN: XS1614415542).
The financial services company is based in Turin, Italy.
| Issuer: | Intesa Sanpaolo SpA
|
| Amount: | €1.25 billion
|
| Issue: | Fixed-rate reset perpetual additional tier 1 notes
|
| Tenor: | Perpetual
|
| Coupon: | 9 1/8%; resets March 7, 2030 and at five-year intervals thereafter to mid-swaps plus 626.2 bps
|
| Price: | Par
|
| Yield: | 9 1/8%
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 7
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Fitch: BB-
|
| DBRS Morningstar: BB (low)
|
| ISIN: | XS2678939427
|
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