Mediobanca acted as Joint Bookrunner in the €750m Convertible Bonds issuance successfully completed by Prysmian S.p.A (“Prysmian”) representing its largest issuance so far.
On 26th January 2021, Prysmian successfully placed a €750m senior, unsecured convertible bond due in 2026, upsized from the initial €650m thanks to an incredible market appetite.
Concurrently with the placement, the Issuer carried out a reverse bookbuilding process, via modified Dutch auction, on 50% of the outstanding 2022 Convertible Bonds for a total nominal amount of €250m.
Net proceeds from the Convertible Bond will be used to refinance 2022 CB on maturity, for the concurrent repurchase, and for general corporate purposes
- Yield-to-Maturity: -0.49% (vs. marketing range -0.73% /- 0.25%)
- Coupon: 0.00%
- Conversion premium: 47.5% (vs. marketing range 45.0% - 50.0%)
The repurchase was priced at 104.25% (low end of the range: 104.25%-104.75%).
Allocations were skewed towards existing bondholders tendering 2022 CB and outright investors.
This transaction represents the biggest EQL instrument issued by Prysmian and the first CB repurchase on the Italian market after many years.
Mediobanca acted as Joint Bookrunner and documentation agent, effectively leading banks syndicate, showing once again a strong relationship with the client across all products, also supported in all the EQL transaction executed so far.