Beni Stabili has successfully launched the issue of senior unsecured notes for a total nominal amount of €300m with a 7 years maturity and a 1.625% fixed annual coupon. The Bonds were priced at a spread of 115 basis points over the reference swap rate.
The transaction was oversubscribed by about seven times, with total orders in excess of €2bn. A large and diversified pool of high-quality investors participated in the deal, confirming the improved appeal of Beni Stabili’s profile with the international fixed income investor community following the decision to obtain a credit rating. The notes have been assigned a rating of BBB- by S&P Global, which is in line with Beni Stabili’s rating.
The Bonds will be issued below par value (re-offer price 99.47%) with a minimum denomination of €100,000 and multiples of €1,000 up to a maximum of €199,000. The date of issuance and settlement of the Bonds is expected to be 17 October 2017. Requests have already been submitted to the Commission de Surveillance du Secteur Financier (CSSF) for the approval of the prospectus relating to the issuance of the Bonds and to the Luxembourg Stock Exchange for the listing of the Bonds on its official list and their admission to trading on the regulated market upon issuance.
The net proceeds of the issue of the Bonds will be used by the company to refinance existing indebtedness and for general corporate purposes. The placement exclusively targets qualified investors and the Bonds will not be offered or sold in any jurisdiction where the offer or sale of financial instruments is forbidden by applicable law. General selling restrictions apply in addition to those applicable in the United States, United Kingdom and Republic of Italy.
Banca IMI S.p.A., BNP Paribas, Credit Agricole Corporate and Investment Bank, Societe Generale Corporate & Investment Banking and UniCredit Bank AG acted as Joint Lead Managers.
