Commentary & Deal Flow

Salini Impregilo SpA minimum EUR250m (incl notes issued as part of concurrent exchange offer) Reg S only sr unsec notes due 2027 (7y). NCL. NR/BB-/(expect BB) (--/positive). 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. Roadshow Jan 13-15. 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.