by Stephen Carter
Jan 16, 2020 5:22 AM ET
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. Minimum new issue coupon: 3.50%, issue price 100, 7y maturity, exchange ratio 104.75.
IPTs: 3.875% area. Books close 12pm CET, Fri, Jan 17.
Timetable: Exchange deadline - 17:00 CET, Thurs Jan 16; Announcemt of indicative exchange offer acceptance amount - 9:00 CET, Fri, Jan 17; Formal guidance and pricing of the new notes - Fri, Jan 17.
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.