Milan, 2 July 2013. A2A – S&P Rating BBB, Outlook Negative / A-2, Moody’s Rating Baa3 /P-3, Outlook Negative
Today, A2A has successfully placed on the European market a 500 million Euro long-sevenyear bond under its 2 billion Euro Medium Term Notes Programme approved by the Management Board of A2A on September 19, 2012. The issue was exclusively targeted to institutional investors.
In line with the Group's financial strategy – aimed at extending the average maturity of the Company's debt stock and optimizing the maturity schedule – A2A has launched simultaneously the bond issue and a Tender Offer for the partial purchase of A2A’s 500 million Euro Notes due 2014 and its 1 billion Euro Notes due 2016. The Tender Offer’s conditions are described in the Tender Offer Memorandum dated July 2, 2013. The Tender Offer will expire on July 8, 2013.
The Senior bond issue recorded a book exceeding 2.5 billion Euro, corresponding to approximately five times oversubscription. The notes – with a minimum denomination of 100 thousand Euro, and maturity on January 10, 2021 – have a 4.375% annual coupon rate, and reoffer price of 99.323%. The re-offer yield is 4.487%, corresponding to 283 basis points over the underlying interest rate swap.
The notes are governed by English law. The settlement date is July 10, 2013, and following that date the notes will be traded on the Luxembourg Stock Exchange. The placement of the notes was managed by BBVA, BNP Paribas, Deutsche Bank and Société Générale, as active Joint Bookrunners, as well as Banca IMI, Mediobanca e UniCredit as passive Joint Bookrunners. The Tender Offer has been managed by BNP Paribas and Deutsche Bank.
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