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

By Angela McDaniels

Tacoma, Wash., Dec. 10 – Regione Campania, Regione Lazio, Regione Liguria, Regione Lombardia, Regione Marche and Regione Puglia announced the results of their tender offers that began Nov. 25 and ended at 11 a.m. ET on Dec. 9.

Holders tendered the following:

• €765 million of Regione Campania’s €1.09 billion 4.849% notes due 2026;

• $712 million of Regione Campania’s $1 billion 6.262% notes due 2036;

• €224 million of Regione Lazio’s €250 million 5.695% notes due June 23, 2028;

• €617,999,000 of Regione Lazio’s €800 million 5.695% notes due June 23, 2028;

• €80 million of Regione Liguria’s €420 million 4.795% notes due Nov. 22, 2034;

• $527,232,000 of Regione Lombardia’s $1 billion 5.804% notes due 2032;

• €33,323,000 of Regione Marche’s €400 million 4.6478% notes due 2023; and

• €810 million of Regione Puglia’s €870 million floating-rate notes due 2023.

The regions expect to accept all of the tendered notes for purchase.

For Regione Puglia’s floating-rate notes, the purchase price will be €990 for each €1,000 principal amount of notes.

For the remaining notes, pricing will be set at 5 a.m. ET on Dec. 11 using the interpolated mid-swap rate plus a purchase spread.

The 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.

The settlement date will be Dec. 16.

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).

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