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http://pdf.reuters.com/pdfnews/pdfn...&u=urn:newsml:reuters.com:20180418:nBIA4QJc0h
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Piaggio & C. S.p.A. 3.625% EUR250m 7NC3 XS1808984501
Issuer: Piaggio & C. S.p.A.
Security: Senior Notes
Amount: €250 million (incl. €81,503m Notes issued as part of concurrent exchange offer)
Maturity: 30 April 2025 (7 years)
Call structure: NC3 (50%/25%/par)
Call schedule: April 30, 2021 101.8125%
April 30, 2022 100.9063%
April 30, 2023 and after 100.00%
Equity clawback: Up to 40% at 103.625% until April 30, 2021
Make-whole Redemption: Makewhole call through April 30, 2021 @ Bund+50bps
Change of Control: 101% of the principal, plus accrued and unpaid interest and Additional Amounts, if any
Corporate Ratings: B1 pos/BB- st (Moody's/S&P)
Exp. Issue Ratings: B1/BB-
Coupon: 3.625%
IPD: Apr-30 and Oct-31 of each year, beginning on Oct-31, 2018
Offering Price: 100.00%
Benchmark: DBR 0.5% February 15, 2025
Spread to bmk: 346bp (Bund spot 102.297)
UOP: Refinance existing 4.625% senior notes due 2021
Distribution: Reg S / 144A
Joint Global Cos & Physical Bookrunners: Banca IMI (B&D), BNPP, BofAML
Joint Bookrunners: Banca Akros, HSBC, ING, Mediobanca, UniCredit
Denominations: €100k x €1k
Listing: Luxembourg Stock Exchange / Euro MTF
Governing Law: New York
Target Market: Manufacturers target market (MIFD II product governance) is eligible counterparties and professional clients only(all distribution channels). No PRIIPs key information documents (KID) has been prepared as not available to retail in EEA
Timing: Book open, today's business
Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only
(all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
Settlement Date: 30-Apr-2018 (T+8)
ISIN Codes: REGS: XS1808984501
144A: XS1808984923
http://pdf.reuters.com/pdfnews/pdfn...&u=urn:newsml:reuters.com:20180418:nBIA4QJc0h
http://pdf.reuters.com/pdfnews/pdfn...1&u=urn:newsml:reuters.com:20180418:nBIAKRdtJ