Unipol Gruppo to accept €281.7 million 5%, 4.375% notes in exchange

By Susanna Moon

Chicago, March 16 – Unipol Gruppo Finanziario SpA said investors tendered for exchange €281.7 million of two series of its notes by the end of the offer at 11 a.m. ET on March 13.

Investors had tendered €99,052,000 of its €750 million 5% notes due Jan. 11, 2017 and €182,648,000 of its €500 million 4.375% notes due March 5, 2021.

Unipol expects to accept for exchange all of the tendered notes, according to a company press release. The company previously said that it would accept all 5% notes tendered and that it would decide how many of the 4.375% notes to accept.

The exchange offer began March 9, and settlement has been set for March 18.

As previously announced, the company is offering to issue new euro-denominated fixed-rate senior notes due 2025 in exchange for the two note series.

For the €397,699,000 of outstanding 5% notes, the exchange price was set at 108.2% of par, or €1,082.00 for each €1,000 principal amount.

For the 4.375% notes, pricing was to be set at 11 a.m. ET on March 16 using the interpolated mid-swap rate plus 132 basis points.

The company said on March 11 that it set the minimum new issue spread for the exchange offer at 240 bps.

Pricing will be set using the new issue spread plus the 10-year mid-swap rate for the yield to maturity of the new notes at settlement.

J.P. Morgan Securities plc (+44 0 207 134 3438, attn: liability management, email: emea_lm@jpmorgan.com), Mediobanca – Banca di Credito Finanziario SpA (+39 02 8829 984, attn: Liability Management FIG, email: MB_Liability_Management_FIG@mediobanca.com) and UniCredit Bank AG (+39 02 8862 0701/0629 Attention: Debt Capital Markets, Italy Email: agdcmsyndfigitaly.uc@unicredit.eu) are the dealer managers.

The exchange agent is Lucid Issuer Services Ltd. (+44 0 207 704 0880, attn: Paul Kamminga / David Shilson, email: unipol@lucid-is.com).

Unipol Gruppo Finanziario is a Bologna, Italy-based holding company in the financial sector.

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