Published on 5/24/2017 in the Prospect News High Yield Daily.
New Issue: Ansaldo Energia prices upsized €350 million seven-year notes at par to yield 2¾%
By Paul A. Harris
Portland, Ore., May 24 – Italian power engineering firm Ansaldo Energia SpA priced an upsized €350 million issue of non-rated senior notes at par to yield 2¾% on Wednesday, according to a market source.
The issue size was increased from €300 million.
Joint bookrunner UniCredit will bill and deliver. Barclays, BNP Paribas, Credit Agricole CIB, Commerzbank, HSBC, Santander and SG CIB were also joint bookrunners.
The Genoa, Italy-based company plans to use the proceeds for general corporate purposes, including capital expenditures and refinancing of investments not already amortized in the field of research, development and innovation, and to refinance debt, including the purchase for cash of any existing notes.
| Issuer: | Ansaldo Energia SpA
|
| Amount: | €350 million, increased from €300 million
|
| Maturity: | May 31, 2024
|
| Securities: | Senior notes
|
| Bill and deliver: | UniCredit
|
| Bookrunners: | Barclays, BNP Paribas, Credit Agricole, Commerzbank, HSBC, Santander, SG CIB, UniCredit
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Spread: | Mid-swaps plus 227.3 bps
|
| Trade date: | May 24
|
| Settlement date: | May 31
|
| Ratings: | Non-rated
|
| Distribution: | Regulation S
|
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