Atlantia begins tender offer for €750 million of three note series

By Susanna Moon

Chicago, Feb. 13 – Atlantia SpA said it began a tender offer to purchase up to €750 million of three series of notes.

The company is tendering for its €1.5 billion 5 5/8% notes due 2016, €1 billion 3 3/8% notes due 2017 and €1 billion 4˝% notes due 2019.

The notes are guaranteed by Autostrade per l’Italia SpA.

Pricing will be set using the sum of a purchase spread of the interpolated mid-swap rate minus 14 basis points for the 5 5/8% notes, plus 5 bps for the 3 3/8% notes and plus 20 bps for the 4˝% notes.

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

The total purchase amount will be €750 million, with a sub-cap of €500 million for the 5 5/8% notes, or first-priority notes. The company will then spend the remaining amount to buy the other two series of notes, which have the same order of priority.

The minimum denomination is €50,000 for the 5 5/8% notes and 3 3/8% notes and €100,000 for the 4˝% notes.

The tender offers will end at 10 a.m. ET on Feb. 20, with settlement set for Feb. 26.

Banca IMI SpA (+39 02 72615938 or email: Liability.Management@bancaimi.com), Mediobanca - Banca di Credito Finanziario SpA (+44 2030369653, attn: Chiara Aquino, email: MB_LiabilityManagement_CORP@mediobanca.com) and UniCredit Bank AG (+39 02 8862 0630; to +49 89 378 13722, attn: DCM Italy, liability management, email: dcmcorpitaly.uc@unicredit.eu; corporate.lm@unicredit.de) are the joint dealer managers.

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

The purpose of the offers is to use available liquidity to manage the company’s debt maturity profile by reducing outstanding debt maturing in 2016, 2017 and 2019, according to a company press release.

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

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