By Paul A. Harris
Portland, Ore., Sept. 20 – Webuild SpA priced an upsized €450 million issue of 7% five-year senior bullet notes (BB/BB) at 98.982 to yield 7¼% on Wednesday, according to a market source.
The issue size increased from €400 million.
The yield came at the tight end of yield talk in the 7 3/8% area. Initial guidance was in the low-7% area.
Physical bookrunner BofA Securities will bill and deliver. Other physical bookrunners were BNP Paribas, Goldman Sachs International, HSBC, IMI-Intesa Sanpaolo, Natixis and UniCredit.
The Rome-based construction and civil engineering group plans to use proceeds, including the incremental proceeds resulting from the €50 million upsize of the deal, to repay debt, including the concurrent tender offer for €500 million of its 1¾% notes due October 2024 and €750 million of its 5 7/8% notes due December 2025, and for general corporate purposes.
| Issuer: | Webuild SpA
|
| Amount: | €450 million, increased from €400 million
|
| Issue: | Senior notes
|
| Maturity: | Sept. 27, 2028
|
| Physical bookrunners: | BofA Securities (bill and deliver), BNP Paribas, Goldman Sachs International, HSBC, IMI-Intesa Sanpaolo, Natixis and UniCredit
|
| Coupon: | 7%
|
| Price: | 98.982
|
| Yield: | 7¼%
|
| Spread: | 456 bps
|
| Call protection: | Bullet: Make-whole call until six months prior to maturity, then callable at par
|
| Trade date: | Sept. 20
|
| Settlement date: | Sept. 27
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
| Price talk: | 7 3/8% area
|
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