Mediobanca completed for INWIT the issuance of its inaugural € 1bn 6y senior unsecured at ms+220bps.
On Wednesday 1st July INWIT, leader tower operator in Italy (BB+ stable by S&P and BBB- stable by Fitch), has decided to approach the debt capital markets with its inaugural 6y (Jul-26) senior issue. The € 1bn bond was priced at ms+220bps (-40/50bps vs. IPTs) thanks to the overwhelming investor response (books more than 4.1x oversubscribed) that enabled the issuer to maximize size while minimizing pricing.
The proceeds from the bond will be used to refinance part of its outstanding bank debt (BtB and RCF) where Mediobanca acts as lender and doc/facility agent, allowing INWIT to optimize its maturity profile and capital structure after the merger with Vodafone Tower.
Mediobanca acted as one of the two Global Coordinators, structuring all the supporting documentation as well as assisting the Company during an intense marketing activity during execution.
The mandate – awarded thanks to a multi-year joint effort performed by Corporate Finance (long standing M&A advisors of the Company) and the Debt Division (DOT, LSF and DCM) – proves yet again Mediobanca’s ability to offer a pivotal support to its core clients across several areas and throughout the different steps of their growth.
This is the 27th deal executed by the DCM team since January 2020.