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Webuild announces tender offers results, maintains 450 million cap
Chicago, Sept. 27 Webuild SpA announced the final results of its separate tender offers for its 500 million outstanding 1Ύ% notes due Oct. 26, 2024 (ISIN: XS1707063589) and 750 million outstanding 5 7/8% notes due Dec. 15, 2025 (ISIN: XS2271356201), according to a notice.
The company capped the acceptance amount at 450 million across both series.
The offers across both series were in aggregate oversubscribed and the company is maintaining the cap, accepting all of the first series and a prorated amount of the second series.
Noteholders tendered 218,552,000 of the notes due 2024 and 301.26 million of the notes due 2025.
A proration factor of 79.696% is being applied to the second series for an acceptance amount of 231,448,000 of the notes.
The new offer was conditioned on a new offering of notes. The company priced 450 million of 7% five-year notes on Sept. 20. The new notes are expected to settle on Sept. 27.
Subject to the satisfaction of the new issue condition, settlement for the tender offer will be on Sept. 29.
As previously reported, the fixed purchase price is 98.1, or 981 per 1,000 nominal amount, for the first-priority 2024 notes and 101.1, or 1,011 per 1,000 nominal amount, for the second-priority 2025 notes.
The tender offers expired at 11 a.m. ET on Sept. 26.
BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), BofA Securities Europe SA (+33 1 87 70 10 57, DG.LM-EMEA@bofa.com), Goldman Sachs International (+44 20 7774 4836, liabilitymanagement.eu@gs.com), HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com), Intesa Sanpaolo SpA (+39 02 7261 6502, IMI-Liability.Management@intesasanpaolo.com), Natixis (+33 1 58 55 05 56, liability.management-corporate@natixis.com) and UniCredit Bank AG (+39 02 8862 0581/+49 89 378 3318825, agdccorig.uc@unicredit.eu; liability.management@unicredit.de) are the dealer managers for the offers.
Kroll Issuer Services Ltd. (+44 20 7704 0880, webuild@is.kroll.com, https://deals.is.kroll.com/webuild) is the tender agent.
The purpose of the offers is to proactively manage the offerors debt maturity profile.
Webuild is a Rome-based construction and civil engineering group.
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