(Tiper Stock Exchange) – Saipemservices and solutions company for the energy and infrastructure sector, sinks in Piazza Affari after placement completed for 500 million euros senior unsecured guaranteed equity-linked bonds. The bond is convertible into ordinary shares of the company, subject to approval by the extraordinary shareholders’ meeting, no later than March 31, 2024.
Equity calculates that through this bond Saipem can save (cash) 2.5%-3.0% per year on 500 million euros compared to a senior bullet note in case of conversion. The average maturity of the company’s debt is extended by approximately one year through the issuance.
“Let’s calculate about the 12% dilution in terms of number of shares if all the bonds were converted“, reads one research.
Downhill Saipemwhich stands at 1.505 euros, with a 4.38% dropresulting by far the worst stock in the FTSE MIB. An extension of the bearish phase is expected for the rest of the session with a support area seen at 1.487 and subsequent at 1.468. Resistance at 1.522.