(Tiper Stock Exchange) – Autostrade per l’Italia SpA placed today a new “Sustainability-Linked” bond loan for 750 million euro to rely on Euro Medium Term Notes Program. Demand from institutional investors amounted to over 4.3 billion euro (about 6 times the supply), confirming the Company’s solid positioning on the international credit markets. The proceeds of the issue make it possible to increase the endowment of financial instruments to service the modernization and expansion of the motorway network as well as for general corporate purposes.
The ratings of the new bonds that will be listed at Euronext Dublin, is expected to be BBB- for S&P, Baa3 for Moody’s and BBB for Fitch.
The main conditions of the new loan are: Amount equal to €750 million; Closing and Regulation 14 June 2023; Deadline 14 June 2033; Fixed coupon of 5.125% per annum; Issue price of 99.617%; Effective yield to maturity equal to 5.175%.
In line with the commitments presented in Sustainability-Linked Financing Framework published in December 2022[1], the interest on the new bond loan is linked to the achievement of specific objectives relating to the reduction of greenhouse gas emissions and the installation of recharging points for electric vehicles along the motorway network. Lastly, the final cost is substantially lower than the issue cost, in relation to the use of the IRS negotiated in previous years to cover interest rates.
L’placement operation was managed by BNP Paribas, ING Bank NV, Intesa Sanpaolo SpA, JP Morgan AG, MUFG Securities (Europe) NV, Banco Santander SA and Société Générale as active book runner together with the other book runners Barclays Bank Ireland PLC, Banca Akros SpA – Banco BPM Group, Crédit Agricole Corporate and Investment Bank, CaixaBank, SA, Mediobanca – Banca di Credito Finanziario SpA, Morgan Stanley & Co. International plc, Natixis, UniCredit Bank AG. The law firms White & Case and Linklaters supported the Company and the Banks respectively.