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Mundys accepts €150 million of 1 5/8% notes due 2025 in tender offer
By Mary-Katherine Stinson
Lexington, Ky., Jan. 23 – Mundys SpA reported results of its cash tender offer for its outstanding €750 million 1 5/8% notes due Feb. 3, 2025 (ISIN: XS1558491855) to purchase up to a maximum acceptance amount of €150 million aggregate principal amount, according to multiple releases.
The company has set the final acceptance amount at €150,007,000. It will purchase the notes at 97.952 for a purchase yield of 3.698%, subject to a proration factor of 39.4286%. The purchase price was calculated using the interpolated mid-swap rate of 3.598% and a purchase spread of 10 basis points.
The company will also pay accrued interest.
The offer expired at 11 a.m. ET on Jan. 22.
Pricing was determined on Jan. 23.
Settlement is slated for Jan. 25.
The tender offer was subject to a new financing condition. The company’s €750 million 4¾% fixed rate sustainability-linked notes due Jan. 24, 2029 are expected to be issued on Jan. 24.
Holders who wish to subscribe for new notes in addition to tendering notes under the tender offer may be given priority in the allocation of the new notes.
The company said it made the tender offer as part of its proactive management of liabilities.
All repurchased notes will be canceled.
BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and Credit Agricole CIB (+44 20 7214 5733; liability.management@ca-cib.com) are the global coordinators and dealer managers alongside UniCredit Bank GmbH (agdccorig.uc@unicredit.eu or liability.management@unicredit.de; +39 02 8862 0581 / +49 89 378 3318825).
Kroll Issuer Services Ltd. (+ 44 20 7704 0880; mundys@is.kroll.com; attn.: Alessandro Zorza; https://deals.is.kroll.com/mundys) is the tender agent.
Formerly Atlantia SpA, Mundys is a Rome-based motorway and airport infrastructure company.
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