(Finance) – Webuilda big Italian construction and engineering player, talks about “appreciation of the financial market” for the placement of convertible bonds – exchangeable – in Webuild securities by Salini SpA, main shareholder of the Webuild Group.
The operation, worth 225 million euros, allows Salini SpA to close the debt file towards the banks, reducing the Webuild Group’s overall exposure to the banking system, with long-term benefits for possible access to new financial resources. In fact, Webuild will also benefit from the exchangeable thanks to the increase in credit capacity for cash and signature lines in the banking system, serving the core business, we read in a note.
The bond loan will make it possible to optimize the financial structure, allowing, among other things, significant savings on financial charges long term, thanks to an interest rate of 4%.
The placement, with a short-term technical effect on the stock, is “clear signal that the main shareholder believes in the appreciation of the stock Webuild and is also willing to partially dilute itself (also expanding the free float in the future), maintaining a wide margin of de facto and de jure control, also considering the shareholders’ agreement recently signed with CDP Equity, the second largest shareholder, to protect stable governance for the group”.
As already known, the placement attracted interest from around 80 investors, mainly international, and one request approximately 4 times the offer.