By Paul A. Harris
Portland, Ore., July 23 - Italy's Salini Costruttori SpA priced an upsized €400 million issue of 6 1/8% five-year senior notes (/BB-/BB) at 99.477 to yield 6¼% on Tuesday, according to a market source.
The deal was upsized from €350 million.
The yield printed at the tight end of the 6¼% to 6 3/8% yield talk. Initial talk had come in the 6½% area.
UniCredit, Banca IMI and Natixis managed the sale.
The Milan-based construction company plans to use the proceeds to refinance debt.
| Issuer: | Salini Construttori SpA
|
| Amount: | €400 million, upsized from €350 million
|
| Maturity: | Aug. 1, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | UniCredit, Banca IMI, Natixis
|
| Coupon: | 6 1/8%
|
| Price: | 99.477
|
| Yield: | 6¼%
|
| Spread: | Mid-swaps plus 514 bps
|
| Trade date: | July 23
|
| Settlement date: | Aug. 1
|
| Ratings: | Standard & Poor's: BB-
|
| Fitch: BB
|
| Price talk: | 6¼% to 6 3/8% (initial talk was 6½% area)
|
| Marketing: | Roadshow
|
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