Autostrada Brescia tender for €200 million 2 3/8% notes oversubscribed

By Wendy Van Sickle

Columbus, Ohio, Oct. 6 – Autostrada Brescia Verona Vicenza Padova SpA said it received tenders of €296,728,000 of notes in its offer to repurchase up to €200 million of its €600 million 2 3/8% senior secured notes due March 20, 2020.

The tender offer opened on Sept. 29 and ended at 11 a.m. ET on Oct. 6.

Because the offer was oversubscribed, the company will accept tenders at a pro ration factor of 68.5999%, which will result in €199,959,000 of the notes being accepted for purchase, according to a company announcement.

The purchase price will be 105.918%, based on a settlement date of Oct. 11, and the company will also pay accrued interest of €13.339 per €1,000 note.

Autostrada Brescia said it made the offer to reduce its debt and refinancing risk.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Banca IMI SpA (+39 02 72 61 59 38, fax +39 02 72 61 22 20 or liability.management@bancaimi.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 3004 1590 or autobpsd@lucid-is.com).

Autostrada Brescia works on the construction and management of motorway concessionaires in Italy. The company is based in Verona, Italy, and is a subsidiary of A4 Holding SpA.

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