• New bond issue due 2025 set to close on December 15
• Successful €550 million placement follows €250 million operation in January 2020
• Webuild uses new 2025 bond to extinguish 2021 bond more than six months ahead of maturity date, extends average debt maturity by 2.8 years to more than 4 years, increases by only 66 basis points average cost of corporate debt
• Group maintains balanced financial structure between bank and corporate debt, expands investor base to have 80% foreign, covers book by more than 3 times

MILAN, December 14, 2020 – Webuild S.p.A. is preparing to close by December 15 the issue of a €550,000,000 unsecured fixed-rate senior note due in December 2025 after a successful subscription on December 11.

In light of the extremely complex global macroeconomic scenario caused by the COVID-19 pandemic, investors rewarded Webuild for providing visibility on its business development strategy for the 2021-2023 period.

The issue of a new note allows Webuild to extinguish ahead of time a note coming due in June 2021. The issue, which is to have a coupon of 5.875% and a maturity date in December 2025, is the second to be done by Webuild this year, following one for €250 million in January.

The two issues for a combined total of €800 million extend significantly the average maturity of Webuild’s debt from 2.8 years to more than 4 years. They also bring the average cost of corporate debt to 3.3% - a mere 66 basis points higher - with Webuild maintaining a balanced financial structure between bank and corporate debt.

BofA Securities, Goldman Sachs International, IMI – Intesa Sanpaolo, Natixis and UniCredit Bank acted as Joint Lead Managers, with Banca Akros S.p.A. – Gruppo Banco BPM, BBVA and MPS Capital Services Banca per le Imprese S.p.A. as Co-Managers.

The results obtained by the new issue reflect a strong appreciation of Webuild on the part of the financial community. The note drew the interest of more than 260 investors, resulting in the book being covered more than three times, a lower coupon rate than originally proposed, and an increase in the amount offered. International investors represented about 80% of the demand, namely from the United Kingdom, Germany, France and the United States. The note also broadened the investor base to include new entrants such as DWS, Blackrock, Eurizon, Aviva, Butter Inv, Ubi Pramerica, and JPMorgan.