Astaldi launch today a bond for six years for a total value of 100 million euro. The issue is aimed at qualified Italian and foreign investors outside the United States of America, Canada, Australia and Japan.
This was communicated by the construction company, specifying that the amount of the bond could "be increased up to 15 million (for a maximum total of 115 million) in the event of exercise of the increase option which the company will have the right to exercise by the date of pricing.
A further increase "of 15 million (for a total of up to 130 million) is also envisaged, in the event of full exercise of the over-allotment option by the Joint Bookrunners within 3 working days prior to the payment date".
After the pricing of the bond, Astaldi's board of directors will convene an extraordinary shareholders' meeting for the approval of a capital increase for the issue of new ordinary shares with a nominal value of two euros each, with the exclusion of the option right, to be used to service the loan. Bondholders will be able to request the conversion of the bonds into ordinary shares of the company one year after the issue.
The bonds will be issued at par and will have a semi-annual annual fixed rate coupon between 4,125% and 4,625%, payable at the end of each reference period, on 31 January and 31 July of each year. The conversion price will incorporate a conversion premium of between 30% and 35% of the weighted average price for the volumes of Astaldi shares traded on Piazza Affari in the period between launch and pricing. The placement will be managed by Banca Imi, Bnp Paribas and The Royal Bank of Scotland.
Opening today in Piazza Affari, Astaldi's stock drops by almost four points.
