Autostrade per l’Italia launches bond issue

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Autostrade per l’Italia launches bond issue

Autostrade per l’Italia has launched a new series of notes under its €7 billion (US$8.3 billion) Medium Term Note Programme, under which €2.5 billion have already been issued.

The new series of notes have been successfully priced at the following key terms and conditions:

  • Aggregate principal amount equal to €700 million;
  • Fixed coupon of 1.875%, payable every year in 26th September, starting from 26th September 2018;
  • Issue price of 99.745%; and
  • Effective yield to maturity of 1.899%, corresponding to a yield that is 80 basis points above the reference mid-swap rate.

The proceeds from the issue of the new notes will be used to meet the general funding requirements of the issuer, including in connection with the tender offers announced on 11 September.

Banca IMI S.p.A., Banco Santander, S.A., BNP Paribas S.A., Goldman Sachs International, Mediobanca – Banca di Credito Finanziario S.p.A., Morgan Stanley & Co International plc, Natixis and UniCredit S.p.A. are acting as Joint Lead Managers.

The notes are part of the transaction announced on 11 September, pursuant to which the company, acting through BNP Paribas as offeror in the context of an intermediated tender offer, invited holders of certain of Autostrade per l’Italia’s existing notes to tender such notes for purchase by the offeror up to an aggregate principal amount of €650 million across all such series of notes.

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