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Prysmian prices Euro 1,500 million dual-tranche issuance under its EMTN Programme

Milan, Italy   -   21/11/2024 - 07:00 PM   -  

Today, Prysmian S.p.A. has successfully priced a dual-tranche offering of unsecured senior notes for a total of 1,500 million Euro that are expected to be rated BBB- by S&P Global Ratings Europe Limited (S&P). The issuances consist of a series with a four-year maturity of 850 million Euro due on 28th November 2028, with an annual fixed rate coupon set at 3.625%, with an issue price equal to 99.817 and a series with a seven-year maturity of 650 million Euro due on 28th November 2031, with an annual fixed rate coupon set at 3.875%, with an issue price equal to 99.459. The notes have minimum denominations of € 100,000, plus integral multiples of € 1,000. The settlement date of the notes is expected to be on 28th November 2024.  

This transaction represents the first public issuances under the newly established EMTN Programme by Prysmian and is directed at institutional investors. 

Prysmian will use the net proceeds of the transaction to refinance the bridge acquisition facilities entered into in the context of the acquisition of Encore Wire. 

Pier Francesco Facchini, Prysmian CFO said: “We are very pleased with the positive reaction from the debt investors, with orders exceeding the offer 5 times, confirming strong creditworthiness of our Group. This is the first transaction carried out by Prysmian with an investment grade rating and will be an important benchmark for the future. The two tranches of four and seven years further strengthen the capital structure of the company.” 

The notes will be listed on the regulated market of the Luxembourg Stock Exchange. In connection with the issue of the notes, stabilisation actions might be carried out in accordance with all applicable laws and regulations. 

BNP Paribas, Crédit Agricole CIB, Citi, Goldman Sachs International, HSBC and IMI-Intesa Sanpaolo acted as joint book runners. Banca Akros, BPER Corporate and Investment Banking, Mediobanca and Rabobank were co-managers. Clifford Chance assisted Prysmian and A&O Shearman assisted the joint book runners and co-managers. 

 

 

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