Italy’s Salini offers to exchange €400 million 6 1/8% notes due 2018

By Susanna Moon

Chicago, June 10 – Salini Impregilo SPA said it is offering to exchange its €400 million of 6 1/8% notes due Aug. 1, 2018 for new five-year senior notes to be issued at par.

The exchange ratio will be 109.75% of par.

Holders may tender until 11 a.m. ET on June 21.

The exchange offer and the issuer’s new issue of notes is intended “to achieve a more efficient maturity profile of funding sources for the issuer,” according to a company announcement.

The exchange is contingent on the issue of at least €200 million of new additional notes.

Pricing will be set by June 17 with settlement on June 24.

Banca IMI SpA (+39 02 72 61 47 82 or fax +39 02 72 61 22 20), BNP Paribas (liability.management@bnpparibas.com or +44 0 20 7595 8668), Goldman Sachs International (liabilitymanagement.eu@gs.com or +44 20 7774 9862), Natixis (liability.management-corporate@natixis.com or+39 0 2 00 66 71 54) and UniCredit Bank AG (dcmitaly@unicredit.eu, corporate.lm@unicredit.de, +39 02 8862 0581 or +49 89 378 13722) are the joint dealer managers. Banca Akros SpA - Gruppo Bipiemme Banca Popolare di Milano and Banco Santander, SA are the co-dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, Thomas Choquet, salini-impregilo@lucid-is.com) is the exchange agent.

Salini is a Milan-based industrial group specializing in construction and civil engineering.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.