Autostrade l’Italia tenders for €650 million of four series via BNP

By Susanna Moon

Chicago, Sept. 11 – Autostrade per l’Italia SpA is tendering for up to €650 million principal amount of four series of notes in a tender offer by BNP Paribas SA.

Pricing will be set at 9 a.m. ET on Sept. 19 as follows:

• €673,637,000 of outstanding €1 billion 4.5% senior guaranteed notes due Feb. 8, 2019 using a purchase yield of negative 0.2%;

• €618,975,000 of outstanding €750 million 4.375% senior guaranteed notes due March 16, 2020 using a purchase yield of negative 0.15%;

• €750 million 2.875% senior guaranteed notes due Feb. 26, 2021 using a purchase yield of 0%; and

• €650 million 1.125% notes due Nov. 4, 2021 using the November 2021 interpolated mid-swap rate plus a spread of 0 basis points.

Holders also will receive accrued interest.

The tender offers will end at 11 a.m. ET on Sept. 18, with settlement set for Sept. 21.

BNP will determine the allocation of funds between each series of notes and reserves the right to accept significantly more or less or none of any series of notes, according to the announcement.

BNP Paribas (+44 (0) 207 595 8668 or liability.management@bnpparibas.com), Mediobanca - Banca di Credito Finanziario SpA (+39 02 88291 or MB_LM_CORP_IT@mediobanca.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the joint dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or autostrade@lucid-is.com).

Rome-based Autostrade per l’Italia constructs and manages toll highways.

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