Beni Stabili Siiq has launched and completed the placement of senior unsecured bonds for a total nominal amount of 300 million euro with a duration of ten years and a fixed rate coupon of 2,375% per annum. The bonds were priced at a spread of 133 basis points over the benchmark swap rate.
As stated in a note, the operation is part of the strategy of optimizing funding sources and allows the company to further lengthen the average maturity of the debt, while at the same time reducing its cost. The placement is aimed at qualified investors only. Beni Stabili has already submitted to the Commission de Surveillance du Secteur Financier (Cssf) the request for the approval of the prospectus on the bond issue.
It also submitted an application to the Luxembourg Stock Exchange for the listing of the bonds on the official list and for their admission to trading on the regulated market on the date of issue.
The net proceeds will be used to refinance existing debt (may include indebtedness relating to outstanding “euro 250,000,000 3.50 per cent. Notes due 2019” obligations, exercising the early repayment option) and/or to meet other corporate financing.
