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Generali accepts 1.36 billion perpetual fixed/floaters in buyback
By Marisa Wong
Madison, Wis., Nov. 17 Generali Finance BV announced the final results of its buyback offer for three series of its perpetual fixed/floating-rate notes.
As of the expiration of the offer, holders had tendered 2.01 billion of the notes. Generali Finance decided to set the final acceptance amount at 1.36 billion, or 40% of the 3.42 billion total principal amount of notes outstanding.
The company allocated the final acceptance amount between each series of notes and applied the following pro-ration factors:
72.2% for the 1,275,000,000 of 5.317% perpetual fixed/floaters with a first call date of June 16, 2016. The amount accepted is 523.1 million, leaving 751.9 million outstanding. 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 amount accepted is £355 million, leaving £345 million outstanding. 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 amount accepted is 381 million, leaving 869 million outstanding. The purchase price is 107.
The offer began on Nov. 6 and ended at 11 a.m. ET on Nov. 13.
The settlement date for the notes accepted for purchase is expected to be Nov. 21, which is the settlement date of Generali Finances offering of new notes.
The tender offer was conditioned on completion of the new notes offering to finance the total purchase price under the buyback.
The company priced on Monday 1.5 billion of new perpetual notes with an initial coupon of 4.596%. The fixed/floaters have a first call date on Nov. 21, 2025.
Goldman Sachs International was the structuring adviser (44 20 7774 4799; liabilitymanagement.eu@gs.com). The dealer managers were 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 was 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.
© 2015 Prospect News.
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