Published on 7/11/2016 in the Prospect News High Yield Daily.
New Issue: Salini prices €171.74 million tap of 3¾% notes due 2021 at 102.25
By Paul A. Harris
Portland, Ore., July 11 – Italy’s Salini Impregilo SpA priced a €171,736,000 add-on to its 3¾% senior notes due June 24, 2021 (BB+/BB) at 102.25 in a quick-to-market transaction on Monday, according to a market source.
The reoffer price came in the middle of the 102 to 102.5 revised price talk. Initial talk was 101.75 to 102.
Bookrunner Banca IMI will bill and deliver. BNP Paribas, Goldman Sachs, Natixis and UniCredit were also bookrunners.
The Milan-based industrial group, which specializes in construction and civil engineering, plans to use the proceeds for general corporate purposes, including debt repayment.
| Issuer: | Salini Impregilo SpA
|
| Amount: | €171,736,000
|
| Maturity: | June 24, 2021
|
| Security description: | Add-on to 3¾% senior notes due June 24, 2021
|
| Bookrunners: | Banca IMI (bill and deliver), BNP Paribas, Goldman Sachs, Natixis, UniCredit
|
| Coupon: | 3¾%
|
| Price: | 102.25
|
| Call protection: | Non-callable
|
| Trade date: | July 11
|
| Settlement date: | July 20
|
| Ratings: | S&P: BB+
|
| Fitch: BB
|
| Price talk: | 102 to 102.5, revised from 101.75 to 102
|
| Marketing: | Quick to market
|
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