Generali starts repurchase offer for three fixed/floating notes series

By Jennifer Chiou

New York, Nov. 6 – Generali Finance BV announced the launch of its buyback offer for three series of its perpetual fixed/floating-rate notes.

The offer, which will end at 11 a.m. ET on Nov. 13, will address notes with first call dates falling between June 2016 and February 2017. Its aim is to reduce interest costs during the next few years, optimize the company’s regulatory capital structure and provide liquidity to holders.

According to a company release, the following securities are affected:

• €1,275,000,000 of 5.317% perpetual fixed/floaters with a first call date of June 16, 2016. The purchase price is 105.875;

• £700 million of 6.214% perpetual fixed/floaters with a first call date of June 16, 2016. The purchase price is 104.875; and

• €1.25 billion of 5.479% perpetual fixed/floaters with a first call date of Feb. 8, 2017. The purchase price is 107.

Offer results will be announced no later than Nov. 21.

Generali Finance also announced plans to issue euro-denominated perpetual notes under its €12 billion euro medium-term note program, the proceeds of which will finance the tender offer.

Goldman Sachs International is the structuring adviser (44 20 7774 4799; liabilitymanagement.eu@gs.com). The dealer managers are Goldman Sachs International, BNP Paribas (44 20 7595 8668; liability.management@bnpparibas.com), Deutsche Bank AG, London Branch (44 20 7545 8011; liability.management@db.com), Societe Generale (44 20 7676 7579; liability.management@sgcib.com) and UniCredit Bank AG (39 02 8862 0623; agdcmsyndfigitaly.uc@unicredit.eu).

The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880; generali@lucid-is.com).

The notes are guaranteed by Assicurazioni Generali SpA, which is a global insurance and financial company based in Trieste, Italy, and the parent company of Generali.

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