| Assicurazioni Generali S.p.A. (Generali or the Offeror) announces the final results of the cash buyback offer (the Offer) for its (i) €1,500,000,000 4.596 per cent. Fixed-Floating Rate Perpetual Notes (XS1140860534), (ii) €1,000,000,000 4.125 per cent. Fixed Rate Notes (XS1062900912) and (iii) GBP 350,000,000 6.269 per cent. Fixed-Floating Rate Perpetual Notes (XS0257010206) (together, the Notes and each, a Series). |
| At Offer Expiration, the aggregate principal amount of the Notes validly tendered amounted to € 1,190,585,554 equivalent, representing approximately 49% of the aggregate principal amount of the outstanding Notes. Subject to the terms and conditions of the Offer, Generali will accept for purchase an aggregate principal amount of € 499,994,000 of the EUR 4.596% Notes. |
| Generali has also completed the issuance of a new Euro-denominated Tier 2 bond due in July 2035, which was issued in the form of a green bond under the terms of the Offeror’s Sustainability Bond Framework available at www.generali.com (the New Notes). The new green issuance confirms Generali’s leadership in Sustainability matters. |
| The New Notes have attracted investor demand exceeding € 2.1 billion during the book-building process, more than 4 times the offered amount, from around 180 highly diversified institutional investors including a significant representation of funds with Green/SRI mandates. |
| The terms of the New Notes and their final pricing details are as follows: |
- Issuer: Assicurazioni Generali S.p.A.
Issue Rating: Baa2 / BBB+ (Moody’s / Fitch)
Amount: € 500,000,000
Launch date: 7 January 2025
Settlement date: 14 January 2025
Maturity date: 16 July 2035
Coupon: 4.083% p.a. payable annually in arrear
First coupon date: 16 July 2025
Issue price: 100%
ISIN: XS2971648725
Listing: Luxembourg Stock Exchange Regulated Market and ExtraMOT PRO
Spread: MS + 160 bps
Euro Mid-Swap (interpolated 10.5 years): 2.485%
|
| Generali Group CFO, Cristiano Borean, commented: “The transaction is consistent with our proactive approach to manage our debt maturity profile. It reduces our refinancing risk and extends the average maturity of our debt, around 50% of which is in ESG format. In addition, it will also lead to a lower average cost of debt”. |
| For the full document click the link below: |
| Assicurazioni Generali S.p.A |
| Stay ahead of the curve! Subscribe to InsidEntity for daily updates on all your favourite companies. |
