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Nexi offers to buy 2024 notes, 2026 notes for up to €400 million
By Marisa Wong
Los Angeles, Sept. 27 – Nexi SpA announced it is inviting holders of its €825 million outstanding 1¾% senior notes due Oct. 31, 2024 (ISIN: XS2066703989) and €1.05 billion outstanding 1 5/8% senior notes due April 30, 2026 (ISIN: XS2332589972) to tender their notes for purchase for cash, up to a maximum acceptance amount.
Nexi is offering to purchase notes across both series such that the total purchase amount, excluding accrued interest, will not exceed €400 million, according to a notice.
The issuer may choose to increase or decrease the cap.
Tendered notes may be accepted on a pro rata basis.
Pricing for the 2024 notes will be based on the 2024 interpolated mid-swap rate and a purchase spread of 15 basis points, and pricing for the 2026 notes will be based on the 2026 interpolated mid-swap rate and a purchase spread of 300 bps.
Holders will also receive accrued interest on notes accepted for purchase.
The offer expires at 11 a.m. ET on Oct. 4.
The company said it will announce the acceptance amount for each series on Oct. 5. Final results will be announced after pricing.
Pricing will be set at 8 a.m. ET on Oct. 5.
Settlement is slated for Oct. 7.
The lead dealer managers are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), BofA Securities Europe SA (DG.LM-EMEA@bofa.com; +33 1 87 70 10 57) and Credit Agricole CIB (+44 20 7214 5903; liability.management@ca-cib.com).
Other dealer managers are Barclays Bank Ireland plc, Intesa Sanpaolo SpA, Mediobanca – Banca di Credito Finanziario SpA and Societe Generale.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet; nexi@is.kroll.com; https://deals.is.kroll.com/nexi) is the tender agent.
The company said the offers are being made as part of its balance sheet management strategy in order to reduce repayments on forthcoming maturities and to proactively manage its liabilities and extend the debt maturity profile.
Nexi is a Milan, Italy-based financial services provider.
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