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Aeroporti di Roma gives tender results, pricing for 1.625% notes
By William Gullotti
Buffalo, N.Y., July 11 – Aeroporti di Roma SpA announced the results and subsequent pricing of its purchase offer to holders to tender up to €150 million of the company’s €500 million 1.625% notes due June 8, 2027 (ISIN: XS1627947440), according to two notices on Tuesday.
As previously reported, the offer started on July 3 as part of the company’s bid to reduce its liabilities.
The offer expired at 11 a.m. ET on July 10, with €67,179,000 principal amount of notes validly tendered and not validly withdrawn. As a result, all of the tendered notes were accepted for purchase without proration.
The tendered notes will be repurchased at 93.817 plus accrued and unpaid interest, priced using a 3.541% interpolated mid-swap rate minus 20 basis points for a purchase yield of 3.341%.
The accrued interest will equal €1.60 per €1,000 principal amount of notes.
The total aggregate consideration to be paid will be approximately €63,132,809, of which approximately €107,486 is accrued interest.
The new notes condition was satisfied on July 10 with the completion of the issue of €400 million 4.875% sustainability-linked notes due July 10, 2033 under the company’s €2 billion euro medium-term note program.
Settlement remains expected to occur July 14.
After settlement, €432,821,000 of the notes will remain outstanding.
The dealer managers are Barclays Bank Ireland plc (+44 20 3134 8515 or eu.lm@barclays.com) and BNP Paribas SA (+33 1 55 77 78 94 or liability.management@bnpparibas.com).
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, adr@is.kroll.com, https://deals.is.kroll.com/adr).
Aeroporti di Roma is a Rome-based company that works on the construction and management of airports as well as in activities related or complementary to air traffic in Italy.
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