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Unipol Gruppo to issue new 3% notes in exchange for two series of notes
By Jennifer Chiou
New York, March 17 Unipol Gruppo Finanziario SpA announced the final results and the pricing terms for the new euro-denominated notes to be issued in its previously announced exchange offer for two existing series of its notes.
As previously reported, by the end of the offer at 11 a.m. ET on March 13, investors had tendered 99,052,000 of the companys 5% notes due Jan. 11, 2017 and 182,648,000 of the 4.375% notes due March 5, 2021. The exchange ratio for the former is 1.083293, and it is 1.153597 for the latter, according to a company filing.
Settlement is anticipated on March 18. Unipol said it will issue 103.78 million aggregate nominal amount of new 3% senior notes due 2025 in exchange for the tendered 5% notes and 210,657,000 of the new notes in exchange for the 4.375% notes.
In addition, the company said that it will issue an aggregate nominal amount of additional notes equal to 685,563,000.
For the 5% notes, the company has accepted for purchase 3.17 million of notes under the cash exit alternative, and the cash purchase amount for these notes is 3,484,040.
Pricing for the new notes was set using the new issue spread of 240 basis points plus the 10-year mid-swap rate for the yield to maturity of the new notes at settlement. The issuer announced an exchange price of 115.222% for the 4.375% notes.
The new issue price is 99.881%.
The exchange offer began on March 9.
J.P. Morgan Securities plc (44 0 207 134 3438, attn: liability management, emea_lm@jpmorgan.com), Mediobanca Banca di Credito Finanziario SpA (39 02 8829 984, attn: Liability Management FIG, MB_Liability_Management_FIG@mediobanca.com) and UniCredit Bank AG (39 02 8862 0701/0629, attn: Debt Capital Markets, Italy, agdcmsyndfigitaly.uc@unicredit.eu) were the dealer managers.
The exchange agent was Lucid Issuer Services Ltd. (44 0 207 704 0880, attn: Paul Kamminga / David Shilson, unipol@lucid-is.com).
Unipol Gruppo Finanziario is a Bologna, Italy-based holding company in the financial sector.
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