01/17/2024 Mundys SpA (fka Atlantia) (ATLIM) EUR750m Reg S sr unsec Sustainability-Linked notes due 01/24/29 (5y). NCL (MWC) (3mo par call). Ba2/BB+/BB (stable/stable/stable). Via Banca Akros/BNP (B&D)/CA/IMI/Mediobanca/UniCredit jt active books/BBVA/BPER/HSBC/Mizuho/Natixis/SocGen jt books (jt glocos: BNP/CA (sustainability structuring coordinator)/IMI/Mediobanca). List Dublin. English law. Issued off Mundys SpA's EUR5bm EMTN Programme. Annual pay (act/act). Settles 01/24 (T+5). ISIN: XS2750308483. IPT: 5.25%-5.375%. Guidance: 4.875%-5.00%. Final terms: EUR750m at 4.875% yield. Priced: 4.75% at 99.457, yield 4.875%. MS+221.7bp. +267.8bp vs DBR 0% 11/28. Investor calls started 11/15. Books subject at 12:30pm UKT 11/17. Final books in excess of EUR1.6bn. UOP: GCP, including funding the concurrent Reg S only cash tender offer for its existing EUR750m 1.625% sr unsecured bonds due 3 February 2025 (ISIN: XS1558491855) issued by the Company (formerly Atlantia S.p.A.) up to a maximum acceptance amount of EUR150m. Details of the Concurrent Tender Offer have been made available on the following website: https://deals.is.kroll.com/mun..., subject to distribution restrictions. Equity owners: the Benetton family via its holding company Edizione SpA (57%)/Blackstone (37.8%)/Fondazione Cassa di Risparmio di Torino (5.2%). Biz: a leading diversified global infrastructure group with a long term concession portfolio, comprising of motorways, airports and mobility services. HQ: Rome, Italy.
KPI 1 Condition: Reduction in absolute GHG Scope 1 and 2 Emissions by 38% by 2027 (2019 baseline);
KPI 2 Condition: With reference to Abertis:#1: Reduction in intensity of GHG Scope 3 Emissions from purchased goods and services, per million kilometres travelled by vehicles using Abertis-managed road networks, by 16% by 2027 (2019 baseline)#2: Increase in the number of Electric Vehicle Charging Points (EVCPs) installed by 633 by 2027 (2021 baseline)With reference to AdR:#1: Reduction in per passenger GHG Scope 3 emissions (excluding aircrafts sources) by 10% in 2027 (2019 baseline)#2: Maintain the ACA Accreditation Level labelled as Level 4+ “Transition” up to 2027.
Premium Payment Amount: 37.5bps upon failure to satisfy KPI 1 Condition; 37.5bps upon failure to satisfy KPI 2 Condition (For a maximum cumulative premium of 75bps).
Premium Payment Date: The Maturity Date (or, if applicable, any day falling within the Par Call Period in the circumstances set out in Condition 6(h) of the EMTN Programme).
The Notes will be issued in accordance with the Issuer’s Sustainability-Linked Financing Framework (SLFF), initially released in November 2022 and updated following the validation of Mundys' targets by Science Based Target Initiative (SBTi) achieved in August 2023. Sustainalytics has provided a Second Party Opinion dated 22 December 2023 on the SLFF.
SLFF and SPO available on the following website: https://www.mundys.com/en/sustainability-linked-financing-framework-2022.