Nexi sets price talk for €2.1 billion two-part notes offering

By Paul A. Harris

Portland, Ore., April 15 – Nexi SpA set price talk in its €2.1 billion two-part offering of senior bullet notes (Ba3/BB-/BB-) on Thursday, according to market sources.

The Regulation S deal features five-year notes talked in the 1¾% area, versus initial talk in the mid-to-high 1% area.

It also features a tranche of eight-year notes talked in the 2¼% area, versus initial talk in the low 2% area.

Tranche sizes remain to be determined.

Banca Akros SpA, Gruppo Banco BPM, Barclays Bank Ireland plc, BofA Securities Europe SA, BNP Paribas, Citigroup Global Markets Ltd., Credit Suisse Securities, Sociedad de Valores SA, Deutsche Bank, Goldman Sachs International, HSBC Continental Europe SA, Intesa Sanpaolo SpA, J.P. Morgan AG, Mediobanca, Morgan Stanley & Co. International plc and UniCredit Bank AG are managing the sale.

Proceeds plus an issue of convertible notes placed in February will be used to refinance the financial debt of the group headed by Nets Topco 2 Sarl and subsidiaries following the planned merger between Nets and Nexi announced on Oct. 5, 2020. After the merger, any remaining proceeds may be used in the company’s ordinary course of business.

Nexi is a Milan, Italy-based financial services provider.

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