Chicago, Jan. 19 – Webuild SpA priced €400 million of 3 7/8% sustainability-linked notes due July 28, 2026 (BB-/BB) on Wednesday, according to a press release.
The new issue is linked to the achievement of the reduction by 50% of scope 1 and 2 carbon intensity emissions by 2025 in line with the company’s sustainability-linked financing framework.
The issue received orders for more than €900 million.
The notes are being sold under Regulation S, with IMI-Intesa Sanpaolo as stabilizing manager.
Joint lead managers were BofA Securities Europe SA, Goldman Sachs International, IMI-Intesa Sanpaolo SpA, Natixis and UniCredit Bank AG.
Webuild intends to use the proceeds to refinance existing debt, mainly maturing in 2022, and for general corporate purposes.
The new capital structure would have an average remaining term of 3.7 years.
Listing will be on Euronext Dublin.
The construction and engineering business is based in Milan, Italy.
| Issuer: | Webuild SpA
|
| Amount: | €400 million
|
| Issue: | Sustainability-linked notes
|
| Maturity: | July 28, 2026
|
| Bookrunners: | BofA Securities Europe SA, Goldman Sachs International, IMI-Intesa Sanpaolo SpA, Natixis and UniCredit Bank AG
|
| Co-managers: | Banca Akros SpA – Gruppo Banco BPM, Banco Bilbao Vizcaya Argentaria SA and BNP Paribas
|
| Coupon: | 3 7/8%
|
| Trade date: | Jan. 19
|
| Settlement date: | Jan. 28
|
| Ratings: | S&P: BB-
|
| Fitch: BB
|
| Distribution: | Regulation S
|
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