Davide Campari‐Milano S.p.A. successfully placed two series of fixed rate notes
Davide Campari-Milano S.p.A. successfully placed two series of fixed rate notes reserved for institutional investors, aimed at a potential exchange for existing notes
Milan, March 22nd, 2017-This morning Davide Campari-Milano S.p.A. has successfully completed the placement of an unrated 7-year bond issue and an unrated 5-year bond issue, in each case targeted at institutional investors. Application will be made for the notes of each series to be admitted to trading on the unregulated market (so-called ‘Third Market’) of the Vienna Stock Exchange. Settlement is expected on or about 5th April 2017.
The placements are for € 100 million in principal amount of notes maturing on 5th April 2024 paying a fixed annual coupon of 2.165%, issued at an issue price of 100% and € 50 million in principal amount of notes maturing on 5th April 2022 paying a fixed annual coupon of 1.768%, issued at an issue price of 100%.
Moreover, today BNP Paribas has launched a tender offer (the ‘Tender Offer’) on certain existing notes previously issued by Davide Campari-Milano S.p.A., namely:
- € 400,000,000 - 4.50% - maturity 25 October 2019 (ISIN Code XS0848458179)
- € 600,000,000 - 2.75% - maturity 30 September 2020 (ISIN Code XS1300465926)
up to a maximum overall amount of € 200 million, in accordance with the terms and conditions of the Tender Offer Memorandum dated 22nd March 2017. The launch notice in respect of the Tender Offer is available on the website of the Luxembourg Stock Exchange at www.bourse.lu.
The new issue is aimed, in whole or in part, at (i) an exchange for those existing notes previously issued by Davide Campari-Milano S.p.A. (included in the list above) which may be acquired by BNP Paribas pursuant to the Tender Offer; and (ii) the pursuit of the company’s corporate purposes (including the refinancing of part of its existing indebtedness).
With this transaction, Davide Campari-Milano S.p.A. intends to optimise its debt structure by extending the average maturity of its liabilities benefitting from the low interest rates on the market.
The results of the transaction will be announced to the market.
BNP Paribas and Deutsche Bank AG, London Branch are acting as Joint Lead Managers in respect of the issue of the new notes, BNP Paribas is acting as offeror in respect of the Tender Offer on the existing notes and BNP Paribas and Deutsche Bank AG are acting as Dealer Managers in respect of the Tender Offer.
Allen & Overy is acting as legal advisor to Davide Campari-Milano S.p.A. and Clifford Chance Studio Legale Associato is acting as legal advisor to the Joint Lead Managers on this transaction.