September 18, 2023
Webuild presents to the financial community a new bond to refinance its debt
MILAN, September 18, 2023 – Webuild S.p.A. (“Webuild” or the “Company”) is organising a roadshow for qualified investors, both Italian and international, in order to evaluate markets conditions for a possible issue of unsecured fixed-rate senior notes (the “New Notes”), with the appointment of BNP Paribas, BofA Securities Europe SA, Goldman Sachs International, HSBC Continental Europe, Intesa Sanpaolo S.p.A. (IMI CIB Division), Natixis and UniCredit as Joint Lead Managers.
The net proceeds of any issuance of the New Notes are intended to be used, in whole or in part, for: (i) repayment of the existing indebtedness of the Company, also through the purchase by the Company of part of the following notes denominated: (a) “€500,000,000 1.750 per cent. Notes due 26 October 2024” (ISIN: XS1707063589), whose outstanding principal amount is currently equal to Euro 500,000,000 (the “2024 Notes”) and (b) “€750,000,000 5.875 per cent. Notes due 15 December 2025” (ISIN: XS2271356201), whose outstanding principal amount is currently equal to Euro 750,000,000 (the “2025 Notes”), pursuant to a tender offer launched today by the Company (the “Tender Offer”) and (ii) general corporate purposes of the Company.
The transaction would allow the extension of part of Webuild group's debt maturities, lengthening its average life, and seizing market opportunities.
Should market conditions allow it, the transaction will be carried out in September 2023.
The New Notes are envisaged to be offered to qualified investors only, excluding any placement in the United States of America and certain other jurisdictions, and to be listed on the Global Exchange Market of Euronext Dublin. As per market practice, the terms and conditions of the New Notes, including the applicable rate of interest, will be determined on the pricing date by taking into consideration, inter alia, the acceptances received pursuant to the tender offer of the 2024 Notes, 2025 Notes and market conditions.