Posted in Business, Press release |

Liability Management Exercise results



  • AMCO will purchase for cash Notes for a total principal amount of €400 million

Milan, 6 February 2023 – AMCO S.p.A. (“AMCO” or the “Company“) announces the final results of the liability management exercise in relation to its euro denominated senior preferred unsecured notes due 17 July 2023 with ISIN XS2206380573, which have an outstanding nominal amount of €1,250 million (the “Notes”), pursuant to which it, on 30 January 2023, invited holders of the Notes (“Noteholders“) to tender their Notes for purchase by the Company for cash up to the maximum acceptance amount of €400 million (the “Maximum Acceptance Amount“) (the “Invitation“) on the terms and subject to the conditions, including the offer and distribution restrictions, set out in the tender offer memorandum dated 30 January 2023 (the “Tender Offer Memorandum“). The Tender Offer Memorandum is available from the (the “Invitation Website“) (subject to registration and eligibility confirmation and the offer and distributions restrictions), operated by the Information and Tender Agent for the purpose of the Invitation.

The Company announces that it has decided to accept for purchase Notes validly tendered pursuant to the Invitation for a total aggregate principal amount equal to €400 million, being the Maximum Acceptance Amount.

The Company has accepted to purchase an amount of Notes from each Noteholder based on a proportion of the respective tendered amount, as the aggregate principal amount of the Notes validly tendered exceeded the Maximum Acceptance Amount.

The total amount that will be paid to each Noteholder on the settlement date of the Invitation for each Note validly tendered and accepted for purchase will be a fixed purchase price of 99.600 per cent. of the principal amount of such Note (being €996.00 per €1,000 in principal amount of such Note). AMCO will also pay accrued interest in respect of each Note accepted for purchase up to (but excluding) the settlement date of the Invitation. The settlement date (“Settlement Date”) for the Invitation is expected to be on or around 8 February 2023. The nominal amount of the Notes which will remain outstanding following the Settlement Date is €850 million.

In addition, today, AMCO has settled €500 million 4.625 per cent. Senior Unsecured Notes due 6 February 2027 under its €6,000 million Euro Medium Term Note Programme. Therefore, the successful completion (in the determination of AMCO) of the issue of the New Notes (the “New Notes Condition“) has been satisfied.

The terms and conditions of the Invitation, including offer and distribution restrictions, are fully described in the relevant transaction documentation made available to the holders of the Notes. Announcements in connection with the Invitation will be made, to the extent provided in the Tender Offer Memorandum, in accordance with applicable law and by an announcement on the website of the Luxembourg Stock Exchange ( and/or by the delivery of notices to the clearing systems for communication to direct participants. Copies of all such announcements and notices can also be obtained from the Invitation Website.

AMCO has appointed Morgan Stanley & Co. International plc, Société Générale and UniCredit Bank AG to act as joint dealer managers (the “Joint Dealer Managers”), and Morrow Sodali Ltd to act as information and tender agent (the “Information and Tender Agent”) in relation to the Invitation.

Clifford Chance and White & Case acted as legal advisors to AMCO and to the Joint Dealer Managers respectively.