Italy’s Salini offers 3¾% notes due 2021 in exchange for 6 1/8% notes

By Susanna Moon

Chicago, June 17 – Salini Impregilo SPA said it will issue new 3¾% notes due June 24, 2021 in the exchange offer for its €400 million of 6 1/8% notes due Aug. 1, 2018.

The coupon was set and announced in a company update on Friday. The company said it will issue €300 million of new notes for cash.

As announced June 10, the company is offering to exchange its 6 1/8% notes for new five-year notes to be issued at par with an exchange ratio of 109.75% of par.

Holders may tender their notes 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 previous announcement.

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

Settlement is expected to occur 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 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 or salini-impregilo@lucid-is.com) is the exchange agent.

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

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