Generali tenders for up to €1 billion of three series of notes

Chicago, Sept. 16 – Assicurazioni Generali SpA announced a tender offer for up to €1 billion of notes, according to a notice.

The offer expires at 11 a.m. ET on Sept. 20.

The tender offer is aimed at notes with first call dates in 2022.

The following securities are affected and will be redeemed using a proration factor derived from the relevant series acceptance amount divided by the aggregate purchase amount of notes accepted for purchase:

• £495.5 million of 6.416% fixed-to-floating rate perpetual subordinated notes. The notes will be redeemed using the 2022 reference gilt rate plus 215 basis points;

• €750 million of 10.125% fixed-to-floating rate notes due July 2042. The notes will be redeemed using the July 2022 mid-swap rate plus 45 bps; and

€1.25 billion of 7.75% fixed-to-floating rate notes due December 2042. The notes will be redeemed using the mid-swap rate plus 60 bps.

Noteholders who wish to subscribe to new notes in addition to validly tendering their old notes will be given priority in the allocation of the new notes.

Purchase prices will be determined at 9 a.m. ET on Sept. 23.

The tender offer will be funded through an issue of fixed-rate tier 2 notes.

Settlement of the tender offer is expected six days after the settlement of the new notes.

Banco Bilbao Vizcaya Argentaria, SA, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, J.P. Morgan Securities plc, Merrill Lynch International, Mediobanca – Banca di Credito Finanziario SpA, Morgan Stanley & Co. International plc and Societe Generale are acting as dealer managers for the offer. Deutsche Bank and Merrill Lynch are also acting as structuring advisers.

Lucid Issuer Services is the tender agent (+44 0 20 7704 0880 or generali@lucid-is.com).

Generali is an insurance and asset management provider and is based in Trieste, Italy.

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