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Obbligazioni societarieHIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
On March 18, 2019, Nexi SpA (Nexi) announced its intention to float on
the Italian stock exchange. The company started the process that will
lead to its listing a few weeks ago.
The offering will include €600 million-€700 million of newly issued
shares. The group has said it will use the proceeds to reduce its
existing financial debt.
We are placing on CreditWatch positive our 'B+' long-term ratings on Nexi
and its senior secured debt because we anticipate that Nexi's financial
risk profile could improve.
We aim to resolve the CreditWatch placement within the next few months,
when the IPO closes. The rating upside is likely limited to one notch, at
this stage.
Petrobras Global Finance B.V. has offered to purchase, for cash, up to 4.5 Billion USD of its outstanding notes, including the 6.250% Global Notes Due March 2024.
Terms of the offer are as follows (Subject to Proration):
Option 1 - Take no action
Option 2 - Tender notes for cash: 1,037.50 USD + 30.00 USD Early Tender Premium + Accrued Interest per 1,000 Principal Amount tendered
Minimum Tender Requirement: 2,000 principal amount and in multiples of 1,000 thereafter, holders who do not tender all of their notes must continue to hold the minimum authorized amount of 2,000
Proration: Notes tendered will be accepted according to levels of priority. The priority level for this issue is 4 out of 9.
If the principal amount of notes that are unaccepted and returned to a holder as a result of proration would result in less than the minimum authorized denomination, all of such validly tendered notes will either be accepted or rejected.
Guaranteed Delivery: No
Last day to purchase and be eligible to tender: 2019-03-21
The Early Tender Deadline to tender notes to the offer will be 2019-03-25 @ 13:00 (America/New York).
The Final Deadline to tender notes to the offer will be 2019-04-08 @ 13:00 (America/New_York).