Piaggio: concluso il collocamento di un prestito obbligazionario da Euro 250 milioni

16 Apr 2014 15:14
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This announcement does not constitute an offer to sell or the solicitation of an offer to buy any notes, nor will there be any sale of notes referred to in this announcement, in any jurisdiction, including the United States, in which such offer, solicitation or sale is not permitted. The notes have not been registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements of the U.S. Securities Act. The notes are being offered only outside the United States in accordance with Regulation S under the U.S. Securities Act.

This announcement is being distributed only to, and is directed at (i) persons who are outside the United Kingdom, (ii) persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order)), (iii) persons who are within Article 43 of the Financial Promotion Order or (iv) any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order (all such persons together being referred to as relevant persons). The investments to which this announcement relates are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such investments will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.

This announcement has been prepared on the basis that any offer of the notes in any Member State of the European Economic Area (EEA) which has implemented the Prospectus Directive (2003/71/EC), as amended by Directive 2010/73/EU (each, a Relevant Member State) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of notes. Accordingly any person making or intending to make any offer in that Relevant Member State of the notes which are the subject of the placement contemplated in this announcement may only do so in circumstances in which no obligation arises for the issuer or any of the initial purchasers of such notes to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither the issuer nor the initial purchasers of such notes have authorized, nor do they authorize, the making of any offer of notes in circumstances in which an obligation arises for the issuer or any initial purchasers of such notes to publish or supplement a prospectus for such offer.

This press release does not constitute an offer to the public in Italy of financial products, as defined under article 1, paragraph 1, letter (t) of legislative decree no. 58 of 24 February 1998, as amended (the Italian Financial Services Act). The notes will be offered in Italy only to (a) qualified investors (investitori qualificati) as defined by Article 26, first paragraph, letter d) of the Regulation No. 16190 of 29 October 2007, as amended (Regulation No.

16190), promulgated by the Commissione Nazionale per le Società e la Borsa (CONSOB) pursuant to Article 100 of the Italian Financial Services Act and Article 34-ter, first paragraph, letter b) of CONSOB Regulation No. 11971 of May 14, 1999, as amended (Regulation No. 11971) or (b) in other circumstances which are exempted from the rules on offerings of securities to the Italian Financial Services Act and/or Regulation No. 11971. The notes will not be listed on an Italian regulated market, therefore no documents or materials relating to the notes have been or will be submitted to the clearance procedure of CONSOB.

Neither the content of Piaggio & C. S.p.A.’s website nor any website accessible by hyperlinks on Piaggio & C. S.p.A.’s website is incorporated in, or forms part of, this announcement. The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement contains forward-looking statements and information that is necessarily subject to risks, uncertainties, and assumptions. No assurance can be given that the transactions described herein will be consummated or as to the terms of any such transactions. Piaggio & C. S.p.A. assumes no obligation to update or correct the information contained in this announcement.

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Piaggio: concluso il collocamento di un prestito obbligazionario da Euro 250 milioni

Durata 7 anni, interesse annuo 4.625% prezzo di emissione pari al 100%,

Domanda degli investitori per oltre 2 miliardi di Euro

16 aprile 2014 – Piaggio & C. S.p.A. (Piaggio) ha concluso con successo il collocamento sul mercato high-yield di un prestito obbligazionario senior, non assistito da garanzie e non convertibile, dell’ammontare di Euro 250 milioni (il Prestito Obbligazionario) con una durata di 7 anni, un interesse annuo del 4,625% con cedola semestrale fissa ed un prezzo di emissione pari al 100%. Il Prestito Obbligazionario consente di ottimizzare la struttura del debito, in particolare allungandone la scadenza media (da 2.4 ad oltre 4 anni), riducendo il costo medio del funding ed incrementando la componente di debito raccolta sul mercato dei capitali.

La risposta da parte degli investitori istituzionali all’operazione è stata estremamente positiva sia in Italia sia all’estero, facendo registrare adesioni per oltre Euro 2 miliardi, pari a circa 8 volte l’ammontare offerto e portando l’azienda ad incrementare l’importo raccolto a Euro 250 milioni dai Euro 200 milioni inizialmente previsti.

Il Prestito Obbligazionario sarà rimborsato in un’unica soluzione alla scadenza, prevista nell’aprile 2021, fatta comunque salva la possibilità per Piaggio di procedere alla restituzione anticipata a determinate condizioni. Il Prestito Obbligazionario prevede altresì il rispetto di taluni vincoli in linea con la prassi di mercato per operazioni similari.

Il Prestito Obbligazionario, che ha ricevuto un rating da Moody’s (Ba3 Stable) e S&P (BBNeg), è stato collocato esclusivamente al di fuori degli Stati Uniti d’America.

È previsto che il regolamento del Prestito Obbligazionario e l’ammissione alle negoziazioni sull’Euro MTF Market gestito dalla Luxembourg Stock Exchange avvenga il 24 aprile 2014.

I proventi del Prestito Obbligazionario saranno utilizzati principalmente nell’ambito dell’operazione di liability management di cui al comunicato dello scorso 7 aprile finalizzata al pre-rimborso del prestito obbligazionario in essere denominato Piaggio Eur 150 million 7% senior notes due 2016, nonché al rimborso di indebitamento finanziario a breve termine.

Inoltre i risultati indicativi dell’offerta di scambio finalizzata al rimborso di tali obbligazioni hanno registrato circa il 72% di adesioni confermando il forte interesse e continuità degli investitori verso la Società.

Il collocamento del Prestito Obbligazionario è stato organizzato da Banca IMI S.p.A., BNP Paribas, BofA Merrill Lynch, HSBC Bank plc, Mediobanca – Banca di Credito Finanziario S.p.A., e UniCredit Bank AG in qualità di joint bookrunners.

 

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