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Generali gives pro-ration factors in tender for fixed/floating notes
New York, Nov. 14 – Generali Finance BV announced the expected pro-ration factors in its buyback offer for three series of its perpetual fixed/floating-rate notes.
The figures are based on an expected size of €1.5 billion for the offering of perpetual hybrid notes that will be used to fund the offer.
According to a company release, the factors are as follows:
• 72.2% for the €1,275,000,000 of 5.317% perpetual fixed/floaters with a first call date of June 16, 2016. The purchase price is 105.875;
• 69.1% for the £700 million of 6.214% perpetual fixed/floaters with a first call date of June 16, 2016. The purchase price is 104.875; and
• 72.2% for the €1.25 billion of 5.479% perpetual fixed/floaters with a first call date of Feb. 8, 2017. The purchase price is 107.
The offer, which began on Nov. 6, ended at 11 a.m. ET on Nov. 13.
By means of the offer, Generali intends to reduce interest costs during the next few years, optimize its regulatory capital structure and provide liquidity to holders. The notes covered by the tender have first call dates falling between June 2016 and February 2017
Offer results will be announced no later than Nov. 21.
Goldman Sachs International is the structuring adviser (44 20 7774 4799; liabilitymanagement.eu@gs.com). The dealer managers are Goldman Sachs International, BNP Paribas (44 20 7595 8668; liability.management@bnpparibas.com), Deutsche Bank AG, London Branch (44 20 7545 8011; liability.management@db.com), Societe Generale (44 20 7676 7579; liability.management@sgcib.com) and UniCredit Bank AG (39 02 8862 0623; agdcmsyndfigitaly.uc@unicredit.eu).
The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880; generali@lucid-is.com).
The notes are guaranteed by Assicurazioni Generali SpA, which is a global insurance and financial company based in Trieste, Italy, and the parent company of Generali.
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