By Paul A. Harris
Portland, Ore., Oct. 19 – Salini Impregilo SpA priced an upsized €500 million issue of seven-year fixed-rate senior notes (BB+) at par to yield 1¾% on Thursday, according to market sources.
The issue size increased from €400 million.
The yield printed 12.5 basis points below the tight end of the 1 7/8% to 2% final yield talk. That talk was revised downward from earlier talk of 2% to 2 1/8%.
The deal was said to be playing to €2.2 billion of orders.
Banca IMI, BBVA, BNP Paribas, Goldman Sachs International, Natixis, Santander and UniCredit were joint bookrunners. BNP Paribas will bill and deliver.
The Milan-based construction and infrastructure company plans to use the proceeds to refinance debt.
| Issuer: | Salini Impregilo SpA
|
| Amount: | €500 million, increased from €400 million
|
| Maturity: | Oct. 26, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | Banca IMI, BBVA, BNP Paribas (bill and deliver), Goldman Sachs, Natixis, Santander, UniCredit
|
| Co-managers: | Banca Akros, MPS
|
| Coupon: | 1¾%
|
| Price: | Par
|
| Yield: | 1¾%
|
| Trade date: | Oct. 19
|
| Settlement date: | Oct. 26
|
| Rating: | S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 1 7/8% to 2%, revised from 2% to 2 1/8%
|
| Marketing: | Roadshow
|
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