Saipem guides €500 million six-year notes to 3½% area yield

By Rebecca Melvin

New York, July 7 – Saipem SpA narrowed talk on a planned €500 million offering of six-year notes (expected ratings: Ba1/BB+) to the area of 3½%, plus or minus 12.5 basis points, according to a market source on Tuesday.

Initial price talk for the deal was at the 3¾% area.

BNP Paribas, Citigroup and Goldman Sachs are joint global coordinators for the Regulation S offering, and Banca IMI, Banco Santander, Barclays, HSBC, JPMorgan, Mediobanca, Morgan Stanley and UniCredit are passive bookrunners.

The notes are being issued by Saipem Finance International BV. Guarantors include Saipem SpA, Saipem (Portugal) - Comercio Marítimo, Sociedade Unipessoal Lda., Saipem SA, Sofresid SA, Saipem Ltd., Saipem Offshore Norway AS, Saipem Drilling Norway AS, Saipem Contracting Netherlands BV, Saipem Contracting Nigeria Ltd., Saipem Luxembourg SA, Global Petroprojects Services AG, Snamprogretti Saudi Arabia Co. Ltd. and Saudi Arabian Saipem Ltd.

The notes are callable for a make-whole premium prior to their three-month par call. There is also a clean-up call if only 20% of the issue remains outstanding, and there is a change-of-control provision.

The proceeds will be used for general corporate purposes.

Saipem is a Milan, Italy-based provider of drilling services and engineering and construction services for pipelines and complex projects to the oil and gas industry.

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