Webuild S.p.A. ("Webuild" or the "Company") announces the terms of the senior unsecured fixed rate bonds (the "New Bonds"), the net proceeds of which will be used: (i) to repay the Company's existing debt, including through the repurchase by the Company of a portion of the following bonds: (a) "?500,000,000 1.750 per cent. Notes due 26 October 2024" (ISIN: XS1707063589), with a current outstanding nominal value of ?500 million (the "2024 Bonds") and (b) "?750,000,000 5.875 per cent. Notes due 15 December 2025" (ISIN: XS2271356201), with a current outstanding nominal value of ?750 million (the "2025 Bonds"), pursuant to a tender offer launched by the Company on 18 September 2023 (the "Offer") and (ii) for general purposes of the Webuild group.
The total principal amount of the New Bonds is ?450 million at a subscription price of 98.982% of their nominal value. The maturity date of the New Bonds is 27 September 2028, and the annual coupon is 7%. The results achieved with this new transaction have shown strong appreciation for Webuild from the national and international financial community, with interest received from over 100 investors and demand approximately 2 times the offer, which allowed for a reduction in the final applied rate compared to the initial launch rate.
Particularly significant was the demand from international investors, over 85% of the total, mainly from the United Kingdom, France, and Germany. The issuance of the New Bonds allows Webuild to manage the next major corporate debt maturity, due in October 2024, well in advance. The operation contributes to optimizing the corporate debt profile by extending its average duration. The New Bonds will be reserved exclusively for qualified investors, excluding placement in the United States of America and other selected countries and will be listed on the Global Exchange Market of the Dublin Stock Exchange (Euronext Dublin).
The issuance of the New Bonds is scheduled for 27 September 2023, and the purchase of the 2024 Bonds and the 2025 Bonds that the Company accepts in the Offer is expected to take place on 29 September 2023. BNP Paribas, BofA Securities Europe SA, Goldman Sachs International, HSBC Continental Europe, Intesa Sanpaolo S.p.A. (Divisione IMI CIB), Natixis, and UniCredit act as Joint Lead Managers.
(NEWS Traderlink)