New Issue: Italy's Astaldi upsizes to €500 million, prices seven-year notes at par to yield 7 1/8%

By Paul A. Harris

Portland, Ore., Nov. 27 - Astaldi SpA priced an upsized €500 million issue of seven-year senior notes (expected ratings B1/B+/B+) at par to yield 7 1/8% on Wednesday, according to a syndicate source.

The deal was upsized from €400 million. The yield printed at the tight end of yield talk in the 7¼% area.

Joint bookrunner BNP Paribas will bill and deliver.

Banca IMI, BBVA, Credit Agricole CIB, Credit Suisse, Deutsche Bank, HSBC, ING, Natixis and UniCredit were also joint bookrunners.

The Rome-based construction group plans to use the proceeds to refinance debt.

Issuer:	Astaldi SpA
Amount:	€500 million, increased from €400 million
Maturity:	Dec. 1, 2020
Securities:	Senior notes
Bookrunners:	BNP Paribas (bill and deliver), Banca IMI, BBVA, Credit Agricole CIB, Credit Suisse, Deutsche Bank, HSBC, ING, Natixis, UniCredit
Coupon:	7 1/8%
Price:	Par
Yield:	7 1/8%
Spread:	609.2 bps
Call features:	Make-whole call at Bunds plus 50 bps until Dec. 1, 2016, then callable at 103.563, 101.781, par on and after Dec. 1, 2018
Equity clawback:	35% at 107.125 until Dec. 1, 2016
Investor put:	101% upon change of control
Trade date:	Nov. 27
Settlement date:	Dec. 4
Expected ratings:	Moody's: B1
	Standard & Poor's: B+
	Fitch: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	7¼% area
Marketing:	Roadshow

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