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November 08, 2019
Successful completion of the placing of Euro 600 million of new ordinary shares. Demand of multiple times the offered amount at the subscription price signaling a vote of confidence on the part of European, US and several other foreign investors
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PRESS RELEASE
Successful completion of the placing of Euro 600 million of new ordinary shares
Demand of multiple times the offered amount at the subscription price signaling a vote of confidence on the part of European, US and several other foreign investors
Milan – November 8, 2019. Salini Impregilo S.p.A. (“Salini Impregilo”, the “Company” or the “Issuer”), is pleased to announce the successful completion of the placing (the “Private Placement”) of new ordinary shares of the Company (the “New Shares”), announced on 7 November 2019.
New Shares have been placed for a total of 400,000,000 at a price of Euro 1.50 per New Share (the “Subscription Price”), raising total proceeds of Euro 600 million (before commissions and expenses) for the Company.
The New Shares being issued represent approximately 81 per cent. of the Company’s existing issued ordinary share capital immediately before the Private Placement.
For the offering the Company was assisted by BofA Securities and Citigroup, as joint global coordinators and joint bookrunners (the “Joint Global Coordinators”), Natixis, as co-global coordinator and joint bookrunner (the “Co-Global Coordinator” and, together with the Joint Global Coordinators, the “Underwriting Managers”), and Banca Finnat and Equita SIM, as co-lead managers (the “Co-Lead Managers” and, together with the Underwriting Managers, the “Managers”).
The settlement of the Private Placement is expected to take place on November 12, 2019. The settlement of the Private Placement is conditional upon the fulfilment of the conditions precedent set out under the underwriting agreement entered into by and between the Managers and the Company on November 7, 2019 (the “Underwriting Agreement”) and the Underwriting Agreement not being terminated in accordance with its terms.
The net proceeds from the capital increase will support, primarily, the project aimed at strengthening the national large works and construction sectors (so-called “Progetto Italia”) that will be part of the broader business plan of the Company for the three-year-period 2019-2021.
The Private Placement was a success: at the Subscription Price, it drew demand of multiple time the offered amount signaling a vote of confidence on the part of European, US and several other foreign investors in Salini Impregilo and Progetto Italia. It also resulted in the broadening and further diversification of Salini Impregilo’s investor base.
Salini Costruttori S.p.A. (“Salini Costruttori”), CDP Equity S.p.A. (a company controlled by Cassa Depositi e Prestiti S.p.A.) (“CDPE”) and Banco BPM S.p.A., Intesa Sanpaolo S.p.A. and UniCredit S.p.A. (together the “Financing Banks”) have been allocated the full amount of their commitments as set forth in their respective investment agreements.
On the basis of the information available to the Company as of the date hereof, following the issue of the New Shares in the Global Offering, Salini Costruttori, CDPE and the Financing Banks would hold, directly or indirectly, the following stake in the Salini Impregilo share capital: