New Issue: Saipem prices €500 million 3 3/8% six-year notes at par

By Rebecca Melvin

New York, July 7 – Saipem SpA priced €500 million of 3 3/8% six-year notes (Ba1/BB+) at par on Tuesday, according to a market source.

Pricing was tight to initial talk in 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 were 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 at 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.

Issuer:	Saipem Finance International BV
Guarantors:	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.
Issue:	Senior notes
Amount:	€500 million
Maturity:	July 15, 2026
Bookrunner:	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
Coupon:	3 3/8%
Price:	Par
Yield:	3 3/8%
Price talk:	Initial price talk at 3¾% area
Call:	Make-whole call, clean-up call at 80%
Pricing date:	July 7
Settlement:	July 15
Ratings:	Moody’s: Ba1
	S&P: BB+
Distribution:	Regulation S

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