The placement of new EssilorLuxottica bonds will be divided into four tranches, from which an amount of 4 billion euros. The tranches, all of a benchmark size, have maturities of 3 and a half years, 5 and a half years, 8 years and 12 years. Specifically, the first tranche will mature in May 2023 and the initial yield indications are for a spread of 50 basis points above the midswap rate; the second matures in May 2025 and has a spread of 65 basis points; the third, with a spread in the range of 75-80 basis points, expires in November 2027; while the fourth in November 2031 and the price indications are for a spread in the area of 90 basis points. The expected rating for the bonds according to Moody's is A2 by Moody's, but A according to S&P's assessment in line with the issuer ratings. The placement is also scheduled for the same day.
Leading the operation are Citi, Goldman Sachs, Mitsubishi Ufj Financial Group and Unicredit in the role of active bookrunners and global coordinators, while as joint bookrunners there are also Banca Imi, Bnp Paribas, BofA Merrill Lynch, Credit Agricole, Hsbc, JpMorgan, Santander, Societe Generale.
Meanwhile, in the middle of the day, the share of Essilorluxottica – the eyewear giant born from the merger between Leonardo Del Vecchio's Italian company and the French lens company Essilor – lost 0,79% to 138,00 euros, while Milan also lost 0,22%.
