Mediobanca participated as Joint Global Coordinator and Joint Bookrunner in the €600m capital increase successfully completed by Autogrill S.p.A. (“Autogrill” or “Company”).
On January 21st, 2021 Autogrill BoD announced a €600m rights issue in order to strengthen the balance sheet of the company following the Covid-19 crisis and to retain financial flexibility for future investments.
On June 8th, Autogrill BoD fixed the final terms and conditions for the Rights Issue:
- 130.63m new shares with an issue price of €4.59 each to be offered, on a pre-emptive right basis, to existing shareholders at a ratio of 13 new shares for every 25 rights held
- the discount to TERP amounted to 27.90%.
The offering period started on June 14th, and lasted until June 29th; while the rights trading period started on June 14th, and lasted until June 23rd. At the end of the offering period the take-up rate reached c.99.16%. All the unsubscribed rights were sold during the first day of auction and after that the rights issue was successfully completed with a final take-up of 100%.
Autogrill main shareholder, Schematrentaquattro S.p.A., (held by Edizione) which owns 50.1% of the company, took an irrevocable commitment to subscribe its portion of the capital increase.
Autogrill share price had a solid performance since the rights issue announcement, surging 61.64% vs -0.57% of the Travel index, thus signaling an extraordinary support from public equity investors.
The capital increase was fully underwritten by the Banks’ Syndicate, which accounted 10 international banks and financial institutions amid senior and junior roles.
Mediobanca acted as Joint Global Coordinator and Joint Bookrunner and played a central role throughout the whole process, confirming its solid ECM track record and its strong relationship with Autogrill and Edizione.
This represents the 3rd Rights Issue in the sector after SSP (2021) and Dufry (2020) and the 25th Rights Issue over the last 5 years, thus confirming Mediobanca leadership in the ECM industry and our strong positioning in the rights issue space