Salini Impregilo sets 3½% minimum coupon for €250 million seven-year bullet, to price at par

By Paul A. Harris

Portland, Ore., Jan. 14 – Milan-based industrial group Salini Impregilo SpA specified that it intends to price its €250 million offering of seven-year senior bullet notes (BB-) at par with a minimum coupon of 3½%, according to a buyside source based in Europe.

The deal, which represents some net new issuance, has been on a roadshow in conjunction with an exchange offer for the company’s €600 million of 3¾% notes, as well as €90 million of its bank debt.

Banca Akros SpA, Gruppo Banco BPM, Banca IMI, BofA Securities, Citigroup, Goldman Sachs International, Natixis and UniCredit Bank are the joint lead managers.

BBVA, Equita SIM and MPS Capital Services Banca per le Imprese SpA are the co-managers.

The notes are being offered to qualified institutional investors.

Proceeds from the new offering that are not used in the concurrent exchange will be used to repay bank debt.

Maturity Date : 7 years

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