Bond issuance
AMCO SUCCESSFULLY ISSUES A SENIOR UNSECURED BOND WITH A 7-YEAR MATURITY, TOTALLING €750 MILLION
- The book was about 3 times oversubscribed
- 100 investors took part in the deal
- The deal proves AMCO’s capabilities to attract a stable, diversified and high standing institutional investor base
Milan, April 13th 2021. Today AMCO successfully priced a senior unsecured transaction, totalling a notional amount of €750 million with a 7-year maturity.
The order-book reached €2 billion, with orders received from more than 100 institutions, representing about 3 times the final offer amount, which is proof of the high level of interest received in the national and international market. The issuance demonstrates AMCO’s capabilities to attract a stable, diversified and high standing investor base. 49% of allocations were to asset managers; other participants included banks and financial institutions.
The 7-year bond has a fixed annual coupon of 0,75% and an issue price of 99.303%. Settlement is expected to occur on April 20th 2021. The notes will be listed on Luxembourg Stock Exchange’s Regulated Market. The maturity date is April 20th 2028.
As proof of the strong interest raised by the deal, the bond offers a spread of 45 basis points over the reference BTP, in line with AMCO’s other notes listed on the market.
The issuance, reserved to institutional investors, is rated BBB (Standard & Poor’s) and BBB- (Fitch).
The bond was issued under AMCO’s Euro Medium Term Note Program and aims at diversifying the company’s funding mix.
Banca Akros, Citi, JP Morgan, UBS Investment Bank and UniCredit acted as Joint Bookrunners. CRCCD and Clifford Chance acted as legal advisors to AMCO and to the banks respectively.
