Registration: Reg S Only; Comments: 01/16/2020 Salini Impregilo SpA EUR250m (includes EUR126.659m notes issued as part of the concurrent exchange offer) Reg S only sr unsec notes due Jan 28, 2027 (7y). NCL (MWC MS+50bp). NR/BB-. Via Banca Akros/Banca IMI/BofA (B&D)/Citi/GS/Natixis/UniCredit/ joint physical books; BBVA/Equita/MPS joint books. List Euronext Dublin. English law. 100x1. Settles Jan 28. ISIN: XS2102392276. Minimum new issue coupon: 3.50%, issue price 100, 7y maturity, exchange ratio 104.75. IPTs: 3.875% area. Price talk: 3.75%. Priced: 3.625% at 100. +403bp vs DBR 0.25% 02/15/27. Roadshow Jan 13-15. Timetable: Exchange deadline - 17:00 CET, Thurs Jan 16; Announcement of indicative exchange offer acceptance amount - 9:00 CET, Fri, Jan 17; books closed at 12pm CET Fri Jan 17. UOP: in addition to subscription by new investors, the notes will be offered in the exchange offer for its EUR600m 3.75% notes due 24-June-2021 and around EUR90m of bank loans. Biz: provides construction, engineering and infrastructure services. HQ: Milan, Italy.;