Regione Lazio begins tender offers for floating-rate, 6.022% notes

By Angela McDaniels

Tacoma, Wash., Nov. 20 – Italy’s Regione Lazio began tender offers for the €200 million floating-rate notes due March 7, 2028 and the $450 million 6.022% notes due March 7, 2033 issued through Cartesio Srl under its asset-backed euro medium-term note program, according to a company news release.

The region has not yet determined how much of each series it will purchase.

For the floating-rate notes, the purchase price is 95.95% of par.

For the 6.022% notes, the purchase price will be set at 7 a.m. ET on Dec. 1 by reference to a yield calculated as the sum of the interpolated mid-swap rate plus 133 basis points.

Holders will also receive accrued interest up to but excluding the settlement date.

The Regulation S tender offers will end at 11 a.m. ET on Nov. 28. The preliminary results will be announced on Nov. 29, and the settlement date is expected to be Dec. 6.

The region said the tender offers are part of an effort to partially refinance its debt under the note program by implementing an unwinding transaction.

The unwinding transaction envisions a property transfer, the repurchase of some real estate assets and then the purchase and cancellation, in whole or in part, of the notes. The transaction also includes the possible early termination, in whole or in part, of related swap agreements and/or sinking funds.

The dealer manager is Deutsche Bank AG, London Branch (+44 20 7545 8011). The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or lazio@lucid-is.com).

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