Italy’s AMCO starts brief tender offer for senior preferred notes

Chicago, Jan. 30 – AMCO SpA launched a tender offer on Monday for its €1.25 billion outstanding senior preferred unsecured notes due July 17, 2023 (ISIN: XS2206380573), according to an announcement.

The company is offering to buy up to €400 million principal amount of the notes at 99.6. Accrued interest will also be paid.

Tenders may be prorated.

The purpose of the offer is to allow the company to optimize its financial structure, including debt maturities and the cost of debt.

The tender offer is conditioned upon a new offering of notes being issued under the company’s €6 billion medium-term note program.

Preference in allocations for the new notes may be given to tendering noteholders.

Tender indications should be made to the dealer managers if noteholders are to be considered for priority allocation.

The offer expires at 11 a.m. ET on Feb. 3.

Tender instructions are irrevocable.

Settlement is expected for Feb. 8.

The dealer managers for the offer are Morgan Stanley & Co. International plc (+44 20 7677 5040, liabilitymanagementeurope@ morganstanley.com), Societe Generale (+33 1 42 13 32 40, liability.management@sgcib.com) and UniCredit Bank AG (+39 02 8862 0581, +49 8937 81 8825, dcmcorpitaly.uc@unicredit.eu, corporate.lm@unicredit.de).

Morrow Sodali Ltd. is the information and tender agent (+44 20 4513 6933, +852 2319 4130, amco@investor.morrowsodali.com, https://projects.morrowsodali.com/amco).

AMCO is a specialist in non-performing exposure management. The asset manager is based in Italy and is owned by the Italian ministry of economy and finance.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.