New Issue: Astaldi sells €100 million tap of 7 1/8% notes due 2020 at 102.25 to yield 6.716%

By Paul A. Harris

Portland, Ore., Dec. 2 - Astaldi SpA priced a €100 million add-on to its 7 1/8% senior notes due Dec. 1, 2020 (expected ratings B1/B+/B+) at 102.25 to yield 6.716% in a quick-to-market Monday transaction, according to a market source.

The reoffer price came rich to the 101.5 to 102 price talk.

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

BNP will bill and deliver.

The issuer is a Rome-based construction group.

Issuer:	Astaldi SpA
Amount:	€100 million
Proceeds:	€102.25 million
Maturity:	Dec. 1, 2020
Security description:	Add-on to 7 1/8% senior notes due Dec. 1, 2020
Joint 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:	102.25
Yield:	6.716%
Spread:	565.7 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
Change-of-control put:	101%
Trade date:	Dec. 2
Settlement date:	Dec. 9 with accrued interest
Expected ratings:	Moody's: B1
	Standard & Poor's: B+
	Fitch: B+
Distribution:	Rule 144A and Regulation S for life
Marketing:	Quick to market
Original issue:	€500 million priced at par on Nov. 27, 2013
Total issue size:	€600 million
Price talk:	101.5 to 102

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