New Issue: Astaldi sells upsized €150 million tap of 7 1/8% notes due 2020 at 105 to yield 6.21%

By Paul A. Harris

Portland, Ore., Feb. 11 - Rome-based construction group Astaldi SpA priced an upsized €150 million add-on to its 7 1/8% senior notes due Dec. 1, 2020 (expected ratings B1/B+/B+) at 105 to yield 6.21% on Tuesday, according to a market source.

The quick-to-market deal was upsized from €100 million.

The reoffer price came at the rich end of the 104.5 to 105 price talk.

Deutsche Bank was the bookrunner.

Proceeds will be used to repay debt, to diversify sources of financing and to lengthen the group's average maturity of the debt.

Issuer:	Astaldi SpA
Face amount:	€150 million, increased from €100 million
Proceeds:	€158 million
Maturity:	Dec. 1, 2020
Security description:	Add-on to 7 1/8% senior notes due Dec. 1, 2020
Bookrunner:	Deutsche Bank
Coupon:	7 1/8%
Price:	105
Yield:	6.21%
First call:	Dec. 1, 2016 at 103.563
Equity clawback:	35% at 107.125 until Dec. 1, 2016
Change-of-control put:	101%
Trade date:	Feb. 11
Settlement date:	Feb. 14
Expected ratings:	Moody's: B1
	Standard & Poor's: B+
	Fitch: B+
Distribution:	Rule 144A and Regulation S
Price talk:	104.5 to 105
Marketing:	Quick to market
Original issue:	€500 million priced at par on Nov. 27, 2013
Previous add-on:	€100 million priced at 102.25 to yield 6.716% on Dec. 2, 2013
Fungibility:	New add-on notes will become fungible with the existing notes
Total issue size:	€750 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.