Unipolsai successfully places a bond subject to indefinite duration of 750 million euros. The issue was aimed exclusively at institutional investors and the proceeds will go to repay in advance the loans disbursed in the past by Mediobanca to FonSai (now Unipolsai) and to the incorporated companies Milan Insurance e Unipol Insurance for a total amount of 750 million.
The operation also makes it possible to put into practice the measures prescribed by theAntitrust, which provided for the reduction of the debt with Mediobanca for 350 million by 2015. After the operation, the incidence of the subordinated loans disbursed by Piazzetta Cuccia on the total of the subordinated debt will go from 72% to 32%.
The placement recorded a demand equal to three times the amount offered, with orders exceeding 2,2 billion. Titles pay one fixed rate coupon of 5,75% until the first early repayment date, scheduled for 18 June 2024. Thereafter, the coupon will be variable and based on the three-month Euribor rate, increased by a spread of 518 basis points.
Today, shortly after the opening, Unipolsai's share on the Stock Exchange travels just below parity, a 2,474 euro.
