Webuild SpA (IPGIM) EUR500m (up from EUR400m) Reg S Bearer sr unsec notes due 04/30/30 (5.5y). NCL (MWC B+50bp) (6mo par call). NR/BB/BB (--/positive/positive). Via Banca Akros/BNP (B&D)/BofA/GS/HSBC/IMI/JPM/Natixis/UniCredit jt physical books. List Dublin. English law. CoC at 101. Annual pay (Act/Act) short first coupon. Settles 10/31 (T+7). ISIN: XS2922654418. IPT: low 5s. Price talk: 4.875% area. EUR100m upsize to refi debt, including concurrent tender offer, and GCP. Final terms: EUR500m at 4.875%.
Price: 4.875% at 100. +277.8bp vs DBR 0.0% 02/15/30.
Did investor calls 10/21. Natixis coordinated logistics. Books closed at 12:30pm UKT 10/22. Reconfirms were due by 2pm UKT 10/22. UOP: repay debt, including the Tender Offer for its 5.875% notes due December 2025 (ISIN: XS2271356201) and 3.875% notes due July 2026 (ISIN: XS2437324333), and for GCP (EUR100m upsize to refi debt, including the concurrent tender offer, and GCP. Biz: a global player in the construction industry specializing in complex infrastructure for sustainable mobility, hydroelectric energy, water and green buildings sectors. HQ: Rozzano (Milan), Italy.
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