Italian regions price tenders for $1.24 billion, €2.53 billion notes

By Susanna Moon

Chicago, Dec. 11 – Regione Campania, Regione Lazio, Regione Liguria, Regione Lombardia, Regione Marche and Regione Puglia priced the tender offers that ended at 11 a.m. ET on Dec. 9.

As previously announced, the purchase price for Regione Puglia’s €870 million floating-rate notes due 2023 is €990 for each €1,000 principal amount.

For the remaining notes, the purchase price was set at 5 a.m. ET on Dec. 11 using the interpolated mid-swap rate plus a purchase spread as follows:

• 133.826 for Regione Campania’s €1.09 billion 4.849% notes due 2026 with a benchmark rate of 0.957% and a purchase yield of 1.377%;

• 151.032 for Regione Campania’s $1 billion 6.262% notes due 2036 with a benchmark rate of 2.487% and a purchase yield of 2.957%;

• 146.729 for Regione Lazio’s €250 million 5.695% notes due June 23, 2028 with a benchmark rate of 1.137% and a purchase yield of 1.557%;

• 146.729 for Regione Lazio’s €800 million 5.695% notes due June 23, 2028 with a benchmark rate of 1.137% and a purchase yield of 1.557%;

• 148.756 for Regione Liguria’s €420 million 4.795% notes due Nov. 22, 2034 with a benchmark rate of 1.458% and a purchase yield of 1.748%;

• 137.958 for Regione Lombardia’s $1 billion 5.804% notes due 2032 with a benchmark rate of 2.405% and a purchase yield of 2.955%;

• 126.978 for Regione Marche’s €400 million 4.6478% notes due 2023 with a benchmark rate of 0.592% and a purchase yield of 0.932%; and

As previously announced, the purchase spread is 42 basis points for Regione Campania’s 4.849% notes, 47 bps for Regione Campania’s 6.262% notes, 42 bps for Regione Lazio’s notes, 29 bps for Regione Liguria’s 4.795% notes, 55 bps for Regione Lombardia’s 5.804% notes and 34 bps for Regione Marche’s 4.6478% notes.

Tender results

The company accepted for purchase all of the tendered notes as follows:

• €765 million of Regione Campania’s 4.849% notes;

• $712 million of Regione Campania’s 6.262% notes;

• €224 million of Regione Lazio’s 5.695% notes;

• €617,999,000 of Regione Lazio’s 5.695% notes;

• €80 million of Regione Liguria’s 4.795% notes;

• $527,232,000 of Regione Lombardia’s 5.804% notes;

• €33,323,000 of Regione Marche’s 4.6478% notes; and

• €810 million of Regione Puglia’s floaters due 2023.

The dealer managers are Barclays Bank plc (+44 0 20 3134 8515 or eu.lm@barclays.com), BNP Paribas, London Branch (+44 0 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 0 20 7986 8969 or liabilitymanagement.europe@citi.com) and Deutsche Bank AG, London Branch (+44 0 20 7545 8011 or liability.management@db.com).

The tender agent is Lucid Issuer Services Ltd. (Thomas Choquet, +44 207 704 0880 or italianregions@lucid-is.com).

© 2015 Prospect News.
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