Societa di Progetto Brebemi gives voting results for STID proposal

Chicago, July 23 – Societa di Progetto Brebemi SpA announced the results of votes from noteholders regarding a covenant holiday STID proposal and a disposal of concession receivables STID proposal, according to a notice.

Noteholders approved the covenant holiday STID proposal, whereby the issuer was seeking waivers relating to any financial ratio breach, other than the total debt CLCR ratio, that are tested over the next 12 months. The issuer was also seeking waivers of any default or event of default that have arisen or would otherwise arise as a consequence of any financial ratio breach during the covenant holiday.

Noteholders did not approve the disposal of concession receivables STID proposal, whereby the issuer was considering an option to dispose on a non-recourse basis the 2029 installment payment of €20 million to one or more financial institutions. The 2029 contributions are due to the issuer by the grantor in connection with the €260 million public grant awarded to the issuer to be paid in 13 yearly installments of €20 million from 2017 to 2029.

Holders of the following notes were asked to vote:

• €15 million class A1 senior secured amortizing floating-rate notes due 2038 (ISINs: XS2059870373, XS2059868989);

• €934 million class A2 senior secured amortizing 3.375% notes due 2038 (ISINs: XS2059870969, XS2059870886);

• €1,205,000,000 class A3 senior secured zero-coupon notes due 2042 (ISIN: IT0005388019);

• €172 million subordinated secured extendable floating-rate notes due 2029 (ISIN: IT0005388068); and

• €359,115,910 senior secured loan facilities agreement dated Oct. 15, 2019.

Votes were due by July 20.

Societa di Progetto Brebemi provides infrastructure construction services. It is based in Brescia, Italy.

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