Autostrade tenders for €500 million of Atlantia’s three note series

By Susanna Moon

Chicago, Nov. 23 – Autostrade per l'Italia SpA began tender offers for up to €500 million of three series of notes issued by Atlantia SpA.

The tender offers cover €1 billion of 3.375% notes due Sept. 18, 2017, €1 billion of 4.5% notes due Feb. 8, 2019 and €750 million of 4.375% notes due March 16, 2020.

More specifically, the company is 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, according to a press release by Atlantia.

Pricing for the offers will be 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 company also will pay accrued interest up to but excluding the settlement date.

The tender offers will end at 11 a.m. ET on Nov. 30, with settlement occurring on Dec. 4.

The company said it may decide to accept significantly less or more notes than the set cap.

Autostrade plans to issue benchmark notes due June 2026 under its €7 billion euro medium-term notes 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, the press release noted.

The offers are 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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