New EUR Corporate Issue - IGD EUR300m+ 5yr - IPTs MS+275bps area €€€
Issuer: Immobiliare Grande Distribuzione SIIQ S.p.A. (Ticker: IGD; Country: IT)
Issuer Rating: Ba1 (stable) / BBB- (negative) / BBB- (stable)
(Moody’s / S&P / Fitch)
Exp. Issue Rating: BBB- / BBB-
(S&P / Fitch)
Format: Senior, Unsecured, RegS Bearer
Size: EUR300m+
IPTs: ** MS+275bps area **
Settlement Date: 28 November 2019 (T+6)
Maturity: 28 November 2024 (5y)
Coupon: Fixed, Annual, Act/Act ICMA
Docs: Standalone documentation / 100k+1k / ISE - GEM / English Law / COC / 3m par call / Clean-Up (80%)
Financial Covenants: (i) Total Debt to Total Assets ≤ 60%
(ii) Interest Cover ≥ 1.7x
(iii) Secured Debt to Total Assets ≤45%
(iv) Unencumbered Assets to Unsecured Debt ≥125%
Interest Step-Up: Sub-IG Coupon Step-Up (125 bps)
Use of Proceeds: General corporate purposes including refinancing of existing senior unsecured bonds
MIFID II 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.
Issuer: Immobiliare Grande Distribuzione SIIQ S.p.A. (Ticker: IGD; Country: IT)
Issuer Rating: Ba1 (stable) / BBB- (negative) / BBB- (stable)
(Moody’s / S&P / Fitch)
Exp. Issue Rating: BBB- / BBB-
(S&P / Fitch)
Format: Senior, Unsecured, RegS Bearer
Size: EUR300m+
IPTs: ** MS+275bps area **
Settlement Date: 28 November 2019 (T+6)
Maturity: 28 November 2024 (5y)
Coupon: Fixed, Annual, Act/Act ICMA
Docs: Standalone documentation / 100k+1k / ISE - GEM / English Law / COC / 3m par call / Clean-Up (80%)
Financial Covenants: (i) Total Debt to Total Assets ≤ 60%
(ii) Interest Cover ≥ 1.7x
(iii) Secured Debt to Total Assets ≤45%
(iv) Unencumbered Assets to Unsecured Debt ≥125%
Interest Step-Up: Sub-IG Coupon Step-Up (125 bps)
Use of Proceeds: General corporate purposes including refinancing of existing senior unsecured bonds
MIFID II 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.
