Salini Impregilo markets €250 million bullet as part of exchange, will include net new issuance

By Paul A. Harris

Portland, Ore., Jan. 10 – Milan-based industrial group Salini Impregilo SpA is conducting an investor roadshow for a €250 million offering of seven-year senior bullet notes (BB-), according to market sources.

While part of the proceeds will be used in a concurrent exchange offer for the company's €600 million of 3¾% notes and €90 million of bank debt, the deal also brings net new issuance, sources say.

Banca Akros SpA, Gruppo Banco BPM, Banca IMI, BofA Securities, Citigroup, Goldman Sachs International, Natixis and UniCredit Bank are the joint lead managers.

BBVA, Equita SIM and MPS Capital Services Banca per le Imprese SpA are the co-managers.

The notes are being offered to qualified institutional investors.

Proceeds from the new offering that are not used in the concurrent exchange will be used to repay bank debt.

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