By Rebecca Melvin
New York, Oct. 20 – UnipolSai Assicurazioni SpA priced €500 million perpetual subordinated notes (B1//B+) at par on Tuesday, according to a market source.
The notes will pay a 6 3/8% fixed-rate coupon until their first call date and reset date, Oct. 27, 2030, at which time the coupon will reset to a margin of five-year mid-swaps plus 674.4 basis points. The rate resets every five years.
Pricing occurred tight to guidance for a coupon in the 6½% area and initial price talk of 6¾%. The order book closed at about €1.6 billion size.
J.P. Morgan Securities plc, BNP Paribas, IMI-Intesa Sanpaolo, Mediobanca and UniCredit were joint lead managers of the Regulation S deal.
The Bologna, Italy-based company insurer plans to use the proceeds to pay down bank debt.
| Issuer: | UnipolSai Assicurazioni SpA
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| Amount: | €500 million
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| Maturity: | Perpetual
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| Securities: | Tier 1 subordinated notes
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| Managers: | J.P. Morgan Securities plc, BNP Paribas, IMI-Intesa Sanpaolo, Mediobanca and UniCredit
|
| Coupon: | 6 3/8% fixed-rate coupon until first call, then floating rate
|
| Price: | Par
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| Reset margin: | Mid-swaps plus 674.4 bps
|
| First call, reset date: | Oct. 27, 2030
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| Trade date: | Oct. 20
|
| Settlement date: | Oct. 27
|
| Expected ratings: | Moody's: B1
|
| Fitch: B+
|
| Distribution: | Regulation S
|
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