Webuild launches capped tender offer for 2024 notes, 2025 notes

By Mary-Katherine Stinson

Lexington, Ky., Sept. 18 – Webuild SpA launched two separate tender offers for its €500 million outstanding 1¾% notes due Oct. 26, 2024 (ISIN: XS1707063589) and €750 million outstanding 5 7/8% notes due Dec. 15, 2025 (ISIN: XS2271356201) concurrently with an expected offering of new five-year senior notes, according to a notice.

The company is inviting holders to tender their notes for cash, up to a maximum principal amount equal to the total principal amount of new notes issued.

The 2024 notes have priority in acceptance over the 2025 notes.

First, the company will accept tendered first-priority 2024 notes up to the maximum purchase amount – the amount equal to the aggregate principal amount of new notes.

Then, the company will accept tendered second-priority 2025 notes up to the maximum purchase amount less the total nominal amount of first-priority notes accepted for purchase. As a result, fewer or none of the second-priority notes may be accepted for purchase.

The fixed purchase price is 98.1, or €981 per €1,000 nominal amount, for the first-priority 2024 notes and 101.1, or €1,011 per €1,000 nominal amount, for the second-priority 2025 notes.

Tendering noteholders who wish to subscribe for the new notes may receive priority in the allocation of the new notes.

The maximum purchase amount will be announced as soon as possible after the pricing of the new notes.

The tender offers will expire at 11 a.m. ET on Sept. 27.

The offeror will announce its decision of whether it will accept the tendered notes, each series acceptance amount, the settlement date and any scaling factor as soon as reasonably practicable on Sept. 27.

Settlement is expected for Sept. 29, subject to the settlement of the new issue.

BNP Paribas (+33 155 777 894, liability.management@bnpparibas.com), BofA Securities Europe SA (+33 1 877 01057, DG.LM-EMEA@bofa.com), Goldman Sachs International (+44 20 7774 4836, liabilitymanagement.eu@gs.com), HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com), Intesa Sanpaolo SpA (+39 02 7261 6502, IMI-Liability.Management@intesasanpaolo.com), Natixis (+33 1 58 55 05 56, liability.management-corporate@natixis.com) and UniCredit Bank AG (+39 02 8862 0581/+49 89 378 3318825, agdccorig.uc@unicredit.eu; liability.management@unicredit.de) are the dealer managers for the offers.

Kroll Issuer Services Ltd. (+44 20 7704 0880, webuild@is.kroll.com, https://deals.is.kroll.com/webuild) is the tender agent.

The purpose of the offers is to proactively manage the offeror’s debt maturity profile.

Webuild is a Rome-based construction and civil engineering group.

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