Prysmian prices Euro 1,500 million dual-tranche issuance under its EMTN Programme


Prysmian prices Euro 1,500 million dual-tranche issuance under its EMTN Programme
categories: Corporate  Financial Press Release

Milan, Italy   -   21/11/2024 - 07:00 PM   - 

Today, Prysmian S.p.A. has successfully priced a dual-tranche offering of unsecured senior notes for a total of 1,500 million Euro that are expected to be rated BBB- by S&P Global Ratings Europe Limited (S&P). The issuances consist of a series with a four-year maturity of 850 million Euro due on 28th November 2028, with an annual fixed rate coupon set at 3.625%, with an issue price equal to 99.817 and a series with a seven-year maturity of 650 million Euro due on 28th November 2031, with an annual fixed rate coupon set at 3.875%, with an issue price equal to 99.459. The notes have minimum denominations of € 100,000, plus integral multiples of € 1,000. The settlement date of the notes is expected to be on 28th November 2024. 

This transaction represents the first public issuances under the newly established EMTN Programme by Prysmian and is directed at institutional investors.

Prysmian will use the net proceeds of the transaction to refinance the bridge acquisition facilities entered into in the context of the acquisition of Encore Wire.

    Pier Francesco Facchini, Prysmian CFO said: "We are very pleased with the positive reaction from the debt investors, with orders exceeding the offer 5 times, confirming strong creditworthiness of our Group. This is the first transaction carried out by Prysmian with an investment grade rating and will be an important benchmark for the future. The two tranches of four and seven years further strengthen the capital structure of the company."

The notes will be listed on the regulated market of the Luxembourg Stock Exchange. In connection with the issue of the notes, stabilisation actions might be carried out in accordance with all applicable laws and regulations.

BNP Paribas, Crédit Agricole CIB, Citi, Goldman Sachs International, HSBC and IMI-Intesa Sanpaolo acted as joint book runners. Banca Akros, BPER Corporate and Investment Banking, Mediobanca and Rabobank were co-managers. Clifford Chance assisted Prysmian and A&O Shearman assisted the joint book runners and co-managers.

 

***

This announcement is not for distribution, directly or indirectly in or into the United States (as defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act"), or in any other countries where such distribution is prohibited under applicable laws.

This announcement is for general information only and does not form part of any offer to sell, or the solicitation of any offer to buy, any securities. The distribution of this announcement and the offer and sale of securities as described in this announcement in certain jurisdictions may be restricted by law. Any persons reading this announcement should inform themselves of and observe any such restrictions.

This announcement is directed at qualified investors ("Qualified Investors") within the meaning of Article 2 of the Prospectus Regulation (Regulation (EU) No. 1129 of 14 June 2017 (the "Prospectus Regulation") and pursuant to the relevant rules and regulations adopted by each member state.

This announcement is directed only at the following persons in the United Kingdom: investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); and high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order. If you are in the United Kingdom and do not fall into one of the above categories, any investment or investment activity to which this announcement relates is not available to you, and will not be engaged in with you, and you should not act upon, or rely upon, this announcement.


Source : You are not allowed to view links. Register or Login