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Autostrade per l’Italia tenders for €500 million of three note series
New York, Nov. 28 – Autostrade per l’Italia SpA announced a tender offer for up to €500 million principal amount of the €1 billion of 3.375% notes due Sept. 18, 2017, €1 billion of 4.5% notes due Feb. 8, 2019 and €750 million of 4.375% notes due March 16, 2020 issued by Atlantia SpA and guaranteed by Autostrade per l’Italia.
The tender is being carried out in order to “optimize debt maturities and cost of debt,” according to a notice from the issuer.
Autostrade per l’Italia launched a new offering of notes to institutional investors in order to “take advantage of the current market conditions.”
In the tender offer, pricing for the 3.375% notes will be set using a reference yield of negative 0.2%, for the 4.5% notes using a reference yield of negative 0.05% and for the 4.375% notes using a purchase spread and the interpolated mid-swap rate.
In each case, the price will reflect principal and interest payments up to maturity discounted using a yield to maturity at the reference rate.
Accrued interest will not be included in the calculation and will be paid separately.
The 3.375% and 4.5% notes have priority of acceptance.
The tender will end at 11 a.m. ET on Dec. 1. Pricing will be set at 4 a.m. ET on Dec. 2 and settlement is scheduled for Dec. 6.
J.P. Morgan Securities plc (+44 20 7134 3438 or emea_lm@jpmorgan.com) and Mediobanca - Banca di Credito Finanziario SpA (+44 20 3036 9653 or MB_LM_CORP_IT@mediobanca.com) are joint dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or atlantia@lucid-is.com) is tender agent.
Rome-based Autostrade per l'Italia constructs and manages toll highways.
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