Launch by Beni Stabili of an auction on Imser Securitization 2 asset-backed securities (IT)

Beni Stabili announces that it has today launched an auction process for the purchase of asset-backed securities of the Classes A2a, A2b, A3a, A3b, B1, B2, B3, B4 and B5 listed on the Irish Stock Exchange (ISE), for which Imser Securitization 2 Srl – a special purpose vehicle setup as part of the securitization of a portfolio of properties leased by the Beni Stabili Group to Telecom Italia - is the principal obligor. Beni Stabili intends to fund the transaction primarily through a seven-year loan of €100 million.

Beni Stabili believes that, at current market prices, the above asset-backed securities represent an attractive investment opportunity with positive impacts on the structure and the cost of its consolidated debt.

The settlement of the transaction is expected to take place within the first half of 2009.

Mediobanca is acting as Dealer Manager for the transaction, whilst Morgan Stanley & Co. International plc is advising Beni Stabili.

Source: Beni Stabili

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