CNH Industrial, together with its subsidiary CNH Industrial Finance Europe, is launching a purchase offer on the Notes 2021 bonds. The maximum value of the transaction will reach up to 300 million euros compared to the 700 million outstanding.
The objective - explains the company in a note - is to "manage the financial liabilities and the cost of financing the Group's debt" with the intention of canceling all the repurchased securities.
If Cnh begins, Snam ends. The company led by Marco Alverà concluded the purchase offer launched on 28 November on bonds, with the repurchase of bonds for a nominal value of 538 million euro. The offer, completed yesterday, was aimed at holders of certain bonds already issued by the company under the Euro Medium Term Note programme.
The one just concluded represents the last of four Liability Management exercises which, from 2015 to today, have contributed to reducing Snam's cost of debt from 2,4% in 2016 to the 1,5% expected for 2018. Next 10 December 2018 Snam will settle the entire amount in cash.
