Related Issuers
by Stephen Carter
Jan 18, 2022 6:02 AM ET
Autostrade per l'Italia SpA (ATOSTR) EUR1bn Reg S bearer sr notes 2-part. Expect Ba2/BB/BB+ (review for upgrade/positive outlook/Rating Watch positive). Via Citi/JPM/UniCredit (B&D) jt active books/Banca Akros/BNP/CS/IMI/Mediobanca/MS jt books. Off the EMTN programme. List Dublin. English law. Annual pay (Act/Act). Settles 01/25 (T+5).
- EUR500m (expected) due 01/25/28 (6y). NCL (MWC) (3mo par call). (80% clean-up call). Put option at par for Concession Event. ISIN: XS2434701616. IPT: ms+170-175bp.
- EUR500m (expected) due 01/25/32 (10y). NCL (MWC) (3mo par call). (80% clean-up call). Put option at par for Concession Event. ISIN: XS2434702853. IPT: ms+215bp area.
Did investor calls yesterday (global investor call at 11:30am UKT yesterday). Books are open pricing today. UOP: GCP, including capex and investments, and repaying existing debt. Biz: toll motorway concession in Italy (approx. 50% of the Italian motorway system). HQ: Rome, Italy.