By Ronda Fears
Nashville, Dec. 4 - UniCredito Italiano Bank (Ireland) plc sold €1.2 billion of five-year exchangeable bonds at par to yield 2.5% with a 30% initial conversion premium via joint bookrunners Mediobanca S.p.A., Merrill Lynch International and UniCredit Banca Mobiliare SpA.
The bonds convert into ordinary shares of Assicurazioni Generale SpA and are guaranteed by UniCredito Italiano SpA, parent of UniCredito Italiano Bank (Ireland).
The Regulation S deal sold at the cheap end of price talk of 2.0% to 2.5%, up 30% to 35%.
The offering monetizes UniCredito's entire stake in Assicurazioni.
Terms of the convertible offering are:
| Issuer: | UniCredito Italiano Bank (Ireland) plc
|
| Guarantor: | UniCredito Italiano SpA
|
| Reference shares: | Assicurazioni Generale SpA
|
| Issue: | Exchangeable bonds
|
| Joint bookrunners: | Mediobanca SpA, Merrill Lynch International and UniCredit Banca Mobiliare SpA
|
| Joint lead manager: | Societe Generale
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| Amount: | €1.2 billion
|
| Greenshoe: | €120 million
|
| Maturity: | Dec. 19, 2008
|
| Coupon: | 2.5%
|
| Price: | Par
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| Redemption price: | Par
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| Yield: | 2.5%
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| Conversion premium: | 30%
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| Conversion price: | €28.08
|
| Conversion ratio: | 35.6125
|
| Call: | non-callable for 3 years, then with 130% hurdle
|
| Price talk: | 2.0-2.5%, up 30-35%
|
| Pricing date: | Dec. 4
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