New York, April 7 - Capitalia SpA priced a €1.0566 billion offering of five-year notes exchangeable into the common stock of Assicurazione Generali SpA at par to yield 1.625% with a 21.06% initial exchange premium.
The deal was marginally smaller than the announced size of approximately €1.07 billion and came with a yield at the middle of talk of 1.375% to 1.875% and an exchange premium near the cheap end of talk of 20% to 25%.
ABN Amro Rothschild, Credit Suisse First Boston, and MCC were bookrunners for the Regulation S issue with Mediobanca as joint lead manager.
The deal was three times oversubscribed, Capitalia said.
Capitalia, a Rome-based banking group, added that it is carrying out the transaction to benefit from the advantageous financing terms available from current market conditions and the exchangeable structure.
| Issuer: | Capitalia SpA
|
| Issue: | Exchangeable notes
|
| Underlying stock: | Assicurazione Generali SpA
|
| Amount: | €1.0566 billion
|
| Maturity: | 2009
|
| Coupon: | 1.625%
|
| Price: | Par
|
| Yield: | 1.625%
|
| Initial exchange premium: | 21.06%
|
| Exchange price: | €26.38 (May 2006 onwards)
|
| Talk: | 1.375%-1.875%, up 20%-25%
|
| Ratings: | Moody's: A2
|
| Fitch: BBB+
|
| Bookrunners: | ABN Amro Rothschild, Credit Suisse First Boston, MCC
|
| Pricing date: | April 7, after close
|
| Settlement date: | May 7
|
| Distribution: | Regulation S
|
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