(Finance) – Motorways for Italy successfully concluded the reopening of the two Sustainability-Linked bonds issued in February 2024 with a maturity of 8 and 12 years, with a additional placement (‘Tap Issue’) for a total amount of 500 million euros.
The question by institutional investors was equal to 4 times the offer. The securities were placed at a issue price which allows overall a improvement of approximately 14 basis points compared to the February 2024 issuance terms.
In more detail, the first placement concerned the security expiring in June 2032fixed annual coupon 4.25%, for an amount of 250 million. The hammer price is equal to 102.55 and the effective yield to maturity is 3.841%. For the title expires February 2036coupon 4.625%, a quantity equal to was placed 250 million euros, at a hammer price of 103.164 and with an effective yield of 4.26%. For both the closing and settlement is expected for January 30, 2025.
THE proceeds of today’s placement are intended to increase liquidity in support of investment plan of ASPI for an increasingly modern, safe and sustainable motorway network as well as for general corporate purposes.
In line with the commitments presented in the Sustainability-Linked Financing Framework, the interests of new loans bonds are linked to the achievement of specific objectives medium and long term relating to the reduction of greenhouse gas emissions in addition to the installation of charging points for electric vehicles along the motorway network.
The placement operation was handled by Banca Akros, Barclays, BPER Banca, BNP Paribas, CaixaBank, IMI-Intesa Sanpaolo, ING, Mediobanca, Morgan Stanley, UniCredit (B&D) as joint bookrunners.
The securities will be listed on regulated market of the Irish Stock Exchange (Euronext Dublin) and will be present on the Luxembourg Green Exchange (LGX) platform.