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Generali wraps buyback for 4.596% fixed-to-floating perpetuals
Chicago, April 20 – Assicurazioni Generali SpA concluded the buyback offer for its €1.5 billion outstanding 4.596% fixed-to-floating rate perpetual notes (ISIN: XS1140860534) with a first call date on Nov. 21, 2025, according to a Thursday press release.
The company announced it bought €499,563,000 principal amount of the notes.
The company was aiming to purchase €500 million of the notes.
Noteholders validly tendered €525,063,000 of their notes. The company applied a proration factor of 99.91%.
The purchase price of 98.617 was based on the interpolated mid-swap rate and a purchase spread of 165 basis points. Pricing took place at 10 a.m. ET on April 20.
After settlement on April 21, there will be €1,000,437,000 of the notes outstanding.
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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