Salini announced that he had placed secured bonds exchangeable into ordinary shares Of Webuildfor a amount of approximately 225 million euros.
The bonds will have a quarterly coupon of 4% and, subject to exchange, early redemption or repurchase and cancellation, the bonds will be redeemed at 100% of their nominal value on May 30, 2028.
The initial implicit trading price of the bonds was set at 2.6 euros, corresponding to a premium of 25% on the reference price of the share, equal to 2.08 euros, corresponding to the placement price of the simultaneous placement of Webuild’s existing shares to facilitate the coverage of some subscribers to the bonds. The bonds will be guaranteed by a pledge of shares corresponding to 2.5 times the number of shares underlying the bonds.
The net proceeds from the issuance of the notes will be used to prepay existing bank financing and for other general corporate purposes.
The notes will be offered exclusively to qualified investors.
BofA Securities Europe and IntesaSanpaolo are acting as Joint Global Coordinators and Joint Bookrunners for the placement of the bonds and for the simultaneous offering of existing shares.
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