Autostrade gets tenders for €326 million Atlantia notes; pricing set

By Susanna Moon

Chicago, Dec. 1 – Autostrade per l'Italia SpA said it received tenders for €326.12 million of three series of notes issued by Atlantia SpA.

Investors had tendered €101,038,000 of the €1 billion 3.375% notes due Sept. 18, 2017, €131,972,000 of the €1 billion 4.5% notes due Feb. 8, 2019 and €93.11 million of the €750 million 4.375% notes due March 16, 2020.

The company accepted all of the tendered notes for purchase with settlement set for Dec. 4, according to a company press release.

The purchase amount was €106,966,909.84 for the 2017 notes, €149,165,312.16 for the 2019 notes and €107,976,873.7 for the 2020 notes.

The tender offers ended at 11 a.m. ET on Nov. 30.

Autostrade per l'Italia began tender offers for up to €500 million of the three note series on Nov. 23.

Specifically, the company was offering to purchase up to €500 million of the 2019 notes, which are the first-priority notes, and then a maximum aggregate principal amount of 2017 notes and 2020 notes, the second-priority notes.

The company said it set the first-priority acceptance amount at €131,972,000 and the second-priority acceptance amount at €194,148,000.

After the repurchase, the amount left outstanding will be €598,360,000 of the 2017 notes, €768,028,000 of the 2019 notes and €656,890,000 of the 2020 notes.

The purchase price is 105.868 for the 2017 notes, 113.028 for the 2019 notes and 115.967 for the 2020 notes.

Pricing for the offers was set at 8 a.m. ET on Dec. 1 using the interpolated mid-swap rate plus a purchase spread of 20 basis points for the 2017 notes, of 35 bps for the 2019 notes and of 45 bps for the 2020 notes.

The purchase yield was 0.092% for the 2017 notes, 0.372% for the 2019 notes and 0.587% for the 2020 notes.

The company also will pay accrued interest up to but excluding the settlement date.

Autostrade plans to issue benchmark notes due June 2026 under its €7 billion euro medium-term note program, with proceeds to be used to meet general funding requirements as well as to fund the offers.

The tender offers are being made as part of the companies’ liabilities management program to optimize debt maturities and cost of debt, a previous press release noted.

The offers were not conditioned on the new note issue, the company said.

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), J.P. Morgan Securities plc (+44 20 7134 3438 or emea_lm@jpmorgan.com) and Mediobanca - Banca di Credito Finanziario SpA (+44 2030369653 or MB_LiabilityManagement_CORP@mediobanca.com) are the joint dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880, Thomas Choquet, atlantia@lucid-is.com).

Rome-based Atlantia constructs and operates motorways, airports and transport infrastructure, parking areas and intermodal systems.

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