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Finmeccanica begins tender offer for 450 million of five note series
By Susanna Moon
Chicago, July 8 Finmeccanica SpA said it began a tender offer for up to 450 million of five series of notes.
Pricing will be set at 6:30 a.m. ET on July 16 using a reference security plus a purchase spread.
The first three series of notes, listed below, have priority over the other two series of notes:
£400 million 8% notes due Dec. 16, 2019 with pricing using 3Ύ% U.K. Treasury benchmark note due Sept. 7, 2019 plus 245 basis points;
950 million 4½% notes due Jan. 19, 2021 with pricing using euro 2021 notes benchmark rate plus 225 bps; and
600 million 5Ό% notes due Jan. 21, 2022 with pricing using euro 2022 notes benchmark rate plus 245 bps.
The following notes have a priority acceptance level of 2:
600 million 4 3/8% notes due Dec. 5, 2017 with pricing using euro 2017 notes benchmark rate plus 120 bps; and
500 million 5Ύ% notes due Dec. 12, 2018 with pricing using euro 2018 notes benchmark rate 150 bps.
The issuer will pay accrued interest to but excluding the settlement date.
The tender will end at 11 a.m. ET on July 15, with settlement set for July 20.
The purpose of the offers is to use available liquidity to manage the issuers debt maturity profile by reducing outstanding debt, to strengthen its balance sheet and to reduce interest costs, according to a company press release.
BNP Paribas (44 0 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), HSBC Bank plc and Societe Generale are the global coordinators. Banco Bilbao Vizcaya Argentaria, SA, Banco Santander SA, Commerzbank AG, Merrill Lynch International, Mitsubishi UFJ Securities International plc and Royal Bank of Scotland plc are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or finmeccanica@lucid-is.com) is the tender agent.
The issuer is a Rome-based aerospace, defense and security company.
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