Generali begins buyback offer for 4.596% fixed-to-floating perpetuals

By Marisa Wong

Los Angeles, April 13 – Assicurazioni Generali SpA announced a cash buyback offer for its €1.5 billion outstanding 4.596% fixed-to-floating perpetual notes (ISIN: XS1140860534) with a first call date on Nov. 21, 2025, according to a Thursday press release.

The purchase price will be based on the interpolated mid-swap rate and a purchase spread of 165 basis points.

The company is aiming to purchase up to €500 million of the notes. The acceptance amount is expected to correspond to the principal amount of new notes that the company will issue in a concurrent offering.

The company announced on Thursday a planned issuance of fixed-rate tier 2 bonds due 2033 under its €15 billion euro medium-term note program. The bonds, the company’s fourth green bond issue, will not exceed €500 million.

Holders who participate in the tender offer may receive priority in allocation of the new green notes.

The acceptance amount may be set above or below the proposed €500 million cap.

The tender offer is conditioned on pricing and completion of the new notes offering. However, the company may choose to waive this condition.

Tenders may be subject to proration.

The offer will expire at 11 a.m. ET on April 19.

Indicative results will be announced on the business day after the offer expiration.

Pricing will take place at or around 8 a.m. ET on April 20.

Offer results and pricing will be announced after the pricing time.

Settlement is expected to be on April 21.

BNP Paribas (structuring adviser; +33 1 55 77 78 94; liability.management@bnpparibas.com), Banco Bilbao Vizcaya Argentaria, SA (liabilitymanagement@bbva.com), Banco Santander, SA (LiabilityManagement@gruposantander.com), Barclays Bank Ireland plc (eu.lm@barclays.com), Commerzbank AG (+49 69 136 87551; FK-CMBondsSyndicate@commerzbank.com), Mediobanca – Banca di Credito Finanziario SpA (+39 02 8829 240; MB_Liability_Management_FIG@mediobanca.com) and Societe Generale (+33 1 42 13 32 40; liability.management@sgcib.com) are dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Illia Vyshenskyi; generali@is.kroll.com; https://deals.is.kroll.com/generali) is the tender agent.

The company said the buyback is in line with its approach of proactively managing its debt and optimizing its regulatory capital structure.

Generali is a Trieste, Italy-based insurance and asset management provider.

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