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Leonardo unit gives redemption prices for notes due 2039, 2040
By Mary-Katherine Stinson
Lexington, Ky., Dec. 14 – Leonardo SpA announced the prices at which its subsidiary Leonardo US Holding, LLC will fully redeem its 7 3/8% notes due 2039 and its 6¼% notes due 2040 on Dec. 15, according to a notice Tuesday.
As previously reported, there are $123,626,000 outstanding of the 2039 notes and $181,457,000 outstanding of the 2040 notes.
The notes will be redeemed with a make whole premium of Treasuries plus 50 basis points in the case of the 2039 notes and Treasuries plus 35 bps in the case of the 2040 notes.
For the 2039 notes this has been calculated to be a redemption price equal to $1,387.69 per $1,000 in nominal value, which includes accrued interest of $30.73. The total disbursement for the 2039 notes will be $171,555,033.01 including accrued interest of $3,798,923.96.
For the 2040 notes the redemption price will be equal to $1,276.33 per $1,000 in face value, which includes accrued interest of $26.04. The total disbursement for the 2040 notes will be $231,599,231.3,5 including accrued interest of $4,725,442.71.
In total, the redemption will amount to $374,020,319.60, net of accrued interest.
This amount reflects the benefit of the hedging put in place by Leonardo US Holding LLC on the Nov. 3 launch date of the make-whole in consideration of the high volatility of Treasuries used to calculate the repayment value of the bonds.
Bank of New York Mellon is the trustee.
The Wilmington, Del.-based Leonardo US Holding is a directly and indirectly fully owned subsidiary of Leonardo SpA, formerly Leonardo-Finmeccanica, a Rome-based aerospace, defense and security company.
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