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Campari tenders of €329.04 million notes exceeds cap; pricing set
By Wendy Van Sickle
Columbus, Ohio, March 30 – Holders tendered a total of €329,034,000 of two series of Davide Campari-Milano SpA’s notes in an offer for up to €200 million of the notes made by BNP Paribas.
Specifically, holders tendered €180,943,000 of the €400 million 4.5% notes due Oct. 25, 2019 and €148,091,000 of the €600 million 2.75% notes due Sept. 30, 2020, according to a notice.
The company said it will accept all of the tendered 4.5% notes and €19,058,000 of the 2.75% notes based on a proration factor of 15.308%.
Additionally, the company announced pricing, which was set at 5 a.m. ET on March 30 using the yield to maturity of a reference security plus a fixed spread as follows:
• For the 4.5% notes due 2019, the purchase price will be 111.323% of par, which was set using the 2019 interpolated mid-swap rate plus 15 basis points; and
• For the 2.75% notes due 2020, the purchase price will be 108.058% of par, which was set using the 2020 interpolated mid-swap rate plus 40 bps.
Holders also will receive accrued interest of €19.73 per €1,000 of the 4.5% notes and €13.94 per €1,000 of the 2.75% notes.
Settlement is expected on April 3.
The tender offer ended at 11 a.m. ET on March 29.
The offer was announced on March 22, when the company also announced that it had placed €100 million 2.165% notes due April 5, 2024 and €50 million 1.768% notes due April 5, 2022.
The new notes were expected to be subscribed for by BNP Paribas and Deutsche Bank, London Branch, each as a joint lead manager for the issue of the new notes, with an issue date of April 5.
BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Deutsche Bank AG, London Branch (+44 20 754 58011 or liability.management@db.com) are the dealer managers.
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or campari@lucid-is.com).
Campari is a Sesto San Giovanni, Italy-based beverage company.
© 2015 Prospect News.
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