Autostrade per l’Italia gets tenders for €147.9 million of three notes

By Susanna Moon

Chicago, Dec. 2 – Autostrade per l’Italia SpA said investors had tendered €147.9 million of the €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.

As announced Nov. 28, the company was tendering for up to €500 million principal amount of the three note series issued by Atlantia SpA and guaranteed by Autostrade per l’Italia.

Holders had tendered €86,394,000 of the 3.375% notes, €45,291,000 of the 4.5% notes and €16,215,000 of the 4.375% notes, according to a company update on Friday.

Autostrade said it expects to set the first-priority acceptance amount at €131,685,000, the second-priority acceptance amount at €16,215,000 and to accept for purchase all of the tendered notes.

The tender is being carried out in order to “optimize debt maturities and cost of debt,” according to a notice from the issuer.

Autostrade per l’Italia launched a new offering of notes to institutional investors in order to “take advantage of the current market conditions.”

In the tender offer, pricing for the 3.375% notes will be set using a reference yield of negative 0.2%, for the 4.5% notes using a reference yield of negative 0.05% and for the 4.375% notes using a purchase spread and the interpolated mid-swap rate.

In each case, the price will reflect principal and interest payments up to maturity discounted using a yield to maturity at the reference rate.

Accrued interest will not be included in the calculation and will be paid separately.

The 3.375% and 4.5% notes have priority of acceptance.

The tender ended at 11 a.m. ET on Dec. 1. Pricing was scheduled to be set at 4 a.m. ET on Dec. 2 and settlement is scheduled for Dec. 6.

J.P. Morgan Securities plc (+44 20 7134 3438 or emea_lm@jpmorgan.com) and Mediobanca - Banca di Credito Finanziario SpA (+44 20 3036 9653 or MB_LM_CORP_IT@mediobanca.com) are joint dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or atlantia@lucid-is.com) is tender agent.

Rome-based Autostrade per l'Italia constructs and manages toll highways.

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