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Mundys offers to buy up to €150 million of 1 5/8% notes due 2025
By Marisa Wong
Los Angeles, Jan. 16 – Mundys SpA is inviting holders of its outstanding €750 million 1 5/8% notes due Feb. 3, 2025 (ISIN: XS1558491855) to tender their notes for purchase for cash, up to a maximum acceptance amount of €150 million aggregate principal amount, according to a company announcement on Monday.
The purchase price will be calculated using the interpolated mid-swap rate and a purchase spread of 10 basis points.
The company will also pay accrued interest.
Tenders may be subject to proration.
The company said it may significantly increase or decrease the maximum acceptance amount at its discretion.
The offer will expire at 11 a.m. ET on Jan. 22.
Pricing will be determined at or around 6 a.m. ET on Jan. 23. Indicative results will be announced before the pricing time, and final results will be announced after pricing.
Settlement is slated for Jan. 25.
The tender offer is subject to a new financing condition. The company announced on Monday that it intends to issue new euro-denominated fixed-rate sustainability-linked notes.
Holders who wish to subscribe for new notes in addition to tendering notes under the tender offer may be given priority in the allocation of the new notes.
The company said it is making the tender offer as part of its proactive management of liabilities.
All notes purchased under the tender offer will be cancelled.
BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and Credit Agricole CIB (+44 20 7214 5733; liability.management@ca-cib.com) are the global coordinators and also dealer managers alongside UniCredit Bank GmbH (agdccorig.uc@unicredit.eu or liability.management@unicredit.de; +39 02 8862 0581 / +49 89 378 3318825).
Kroll Issuer Services Ltd. (+ 44 20 7704 0880; mundys@is.kroll.com; attn.: Alessandro Zorza; https://deals.is.kroll.com/mundys) is the tender agent.
Formerly Atlantia SpA, Mundys is a Rome-based motorway and airport infrastructure company.
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