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Intesa Sanpaolo prices tenders for $3.75 billion of four note series
By Wendy Van Sickle
Columbus, Ohio, Feb. 14 – Intesa Sanpaolo SpA priced its any-and-all cash tender offers for four series of its notes, according to a press release issued Thursday.
The tender offers opened on Feb. 7 and will expire at 5 p.m. ET on Feb. 14.
The company is offering the following amounts per $1,000 principal amount of notes:
• For the $1 billion of 5.25% notes due 2024, $1,001.61, set using the 2.5% U.S. Treasury note due Jan. 31, 2024 plus 275 basis points;
• For the $1.25 billion of 3.875% notes due 2027, $882.84, set using the 2.625% U.S. Treasury note due Feb. 15, 2029 plus 300 bps;
• For the $1 billion of 3.875% notes due 2028, $877.51, set using the 2.625% U.S. Treasury note due Feb. 15, 2029 plus 300 bps; and
• For the $500 million of 4.375% notes due 2048, $809.58, set using the 3.375% U.S. Treasury note due Nov. 15, 2048 plus 275 bps.
Prices were set at 10 a.m. ET on Feb. 14.
The issuer will also pay accrued interest.
Settlement is expected to occur on Feb. 20.
Notes must be tendered in minimum denominations of $200,000.
Guaranteed delivery instructions are due by 5 p.m. ET on Feb. 19.
Banca IMI Securities Corp. (212 326-1100 or liability.management@bancaimi.com), Credit Suisse Securities (Europe) Ltd. (800 820-1653, 212 538-2147, +44 20 7883-8763, +44 20 7888-9350 or liability.management@credit-suisse.com), Citigroup Global Markets Ltd. (800 558-3745, 212 723-6106, +44 20 7986-8969 or liabilitymanagement.europe@citi.com), J.P. Morgan Securities LLC (866 834-4666, 834-8553 or JPM_LM@jpmorgan.com) and Merrill Lynch International (888 292-0070, 980 387-3907, +44 20 7996 5420 or DG.LM_EMEA@baml.com are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, 800 495-5148 or intesa@lucid-is.com) is the tender agent.
The financial services company is based in Turin, Italy.
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