25 May 2016 19:14

IGD SIIQ SpA successfully completed a Euro 300,000,000 bond issue with maturity of 5 years

Following the announcement made on 17 May 2016, Immobiliare Grande Distribuzione SIIQ S.p.A. (“IGD”), announces to have successfully completed today the placement to qualified investors of an unsecured and non-convertible bond for a maximum total amount of Euro 300 million.

Furthermore, on 17 May 2016, Moody’s assigned to IGD and to the bond issue a “provisional first-time long-term issuer rating (P)Baa3” (investment grade) with stable outlook.

Claudio Albertini, CEO of IGD, stated: “The issuance of such bond will represent the achievement of a process of improvement of our economic and financial ratios, commenced several years ago with a number of transactions and peaked with the attribution of an investment grade rating by Moody’s. We are particularly pleased for the success we have encountered on the national and on the international market (witnessed by a demand two times higher than offer), which keeps recognizing the good level reached by IGD’s creditworthiness and rewards the activities and the prospects of our Group”.

The new notes have the following main features:

–       nominal value of Euro 100,000 each and multiples of Euro 1,000 up to a maximum amount of Euro 199,000;

–       expiring on May, 31 2021;

–       fixed rate interest equal to 2.50%;

–       issue price of  99.93.

The settlement date for the notes is expected to be on May, 31 2016. The notes will be listed on the Irish Stock Exchange.

The issue is aimed at partially refinancing the existing debt, as well as to pursue general corporate purposes, including the financing of possible investments made in the future by the Company.

Banca IMI S.p.A., BNP Paribas, Citigroup Global Markets Limited, Morgan Stanley & Co. International plc e Unicredit Bank AG acted as Joint Lead Manager.