By Paul A. Harris
Portland, Ore., June 17 – Salini Impregilo SpA priced a €300 million issue of five-year senior notes (BB+/BB) at par to yield 3¾% on Thursday, according to a London-based sellside source.
The notes were trading well at 101 bid on Friday, the source added.
The originally announced deal size was €200 million minimum.
Bookrunner Banca IMI SpA will bill and deliver. BNP Paribas, Goldman Sachs International, Natixis and UniCredit Bank AG were also bookrunners.
The Milan-based industrial group, which specializes in construction and civil engineering, plans to use the proceeds to refinance debt.
The new notes were offered in conjunction with an exchange offer for €400 million of Salini’s 6 1/8% notes due Aug. 1, 2018.
| Issuer: | Salini Impregilo SpA
|
| Amount: | €300 million
|
| Maturity: | June 24, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Banca IMI SpA (bill and deliver), BNP Paribas, Goldman Sachs International, Natixis, UniCredit Bank AG
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 425 bps
|
| Call protection: | Non-callable
|
| Trade date: | June 16
|
| Settlement date: | June 24
|
| Ratings: | Standard & Poor’s: BB+
|
| Fitch: BB
|
| Distribution: | Regulation S
|
|
|
|
|
© 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.
