Another positive result for the Group following the recent S&P upgrade 

• Completed placement of New Notes worth €450 million maturing in 2028, and purchase of part of the bonds maturing in 2024 and 2025 for a total amount equal to the New Notes 

• Transaction enables Group to manage ahead of time debt maturities, with more than 80% of total with expiry dates from December 2025 

• More than 85% of corporate debt at fixed rate with an average cost of 4.9% - a mere 66 basis points higher

Milan, September 28, 2023 – Following the successful issue of the Webuild New Notes, due in September 2028, worth €450 million, the Group has obtained another positive result with the successful purchase of notes maturing in 2024 and 2025 ("Tender Offer"), for an overall amount of €450 million. The Group purchased €219 million worth of notes expiring in 2024 and €231 million worth of 2025 notes.

With the placement of the New Notes and the Tender Offer, the Group successfully concludes the liability management transaction that allows it to manage well in advance its corporate debt maturities. The transaction allows substantial extension of Group’s debt maturities, with more than 80% of which having an expiry date from December 2025. In addition, the Group maintains a high level of fixed-rate debt, over 85%, with an average cost of 4.9%, a mere 66 basis points higher.

The results achieved from this new operation prove a strong appreciation of Webuild by both domestic and international financial communities, with interest received from more than 100 investors, and orders covering around double the offer, that allowed a lower final coupon rate than originally proposed. Demand from international investors was significant, more than 85% of the total, coming mainly from United Kingdom, France, and Germany. 

The transaction follows S&P Global Ratings recent upgrade of the Group to BB Stable, due to significantly improved credit metrics in 2022 and Webuild solid growth prospects both in terms of revenues and EBITDA, covered by its strong order backlog. The rating agency also pointed out that Webuild, in a booming market environment increasingly driven by the energy and climate transition, benefits from a strong track record in delivering complex construction projects, thanks to significant technological and engineering expertise.

BNP Paribas, BofA Securities Europe SA, Goldman Sachs International, HSBC Continental Europe, Intesa Sanpaolo S.p.A. (IMI CIB Division), Natixis and UniCredit acted as Joint Lead Managers.